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Assume: House value 300,000
# _% u3 v3 S% o* Y# h. w 10% down payment ' I7 r& k, M' h5 }
25 years mortgage (25 * 12 = 300 months)! j6 L1 [ f( ~$ d( z1 n
rate 5.24
; o! S5 Z8 H1 b1 N' D
; H' t5 P& q2 ^* ]. [& v6 P1.effective rate 0.43197466
% O2 @" k4 X* l$ Z' Q( z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ; J* J! ^, p! j/ x8 f9 O/ ^) n: ^
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974664 z. }: O2 [ A( R- `
2.Adjusted mortgage balance
3 d W" Y# k- H, H N 300,000 * 10% = 30,000 downpayment0 b, R. S# J2 F9 U, \
300,000-30,000 = 270,000 mortgage requried; Z2 j k6 Y. T8 E! x) f
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)2 d. n4 c3 ^3 Y( N/ ^1 M1 }( S
270,000 * 2% = 5,400; _5 H% }. p9 Y- O' h
adjusted mortgage balance: 270,000 + 5,400 = 275,4003 [9 a* H! P6 F1 r
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
r! e! j. E' g# _' c( k& Z: ~- P4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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发表于 2008-9-25 13:29
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