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Assume: House value 300,000
3 Z8 p. |2 m2 e' T% |& {- F/ A+ ~ 10% down payment 9 }2 f. T6 Z* I; Z! T, |, D
25 years mortgage (25 * 12 = 300 months)5 m, p+ g1 L- D. I0 s+ G
rate 5.24
* s* {1 b2 b* W7 V7 ?6 ]. T
8 H7 m( r* N) T5 ? J1.effective rate 0.43197466
9 R# ]" P4 G/ O in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 V9 W; c" p2 n+ m* |
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466" [, S+ p9 R ?8 r7 W( x2 i
2.Adjusted mortgage balance
$ M5 z Z6 e/ x 300,000 * 10% = 30,000 downpayment. i( O: ^, L a H( ~4 J# z' |
300,000-30,000 = 270,000 mortgage requried
" \2 V" ~/ Z9 L7 i! W 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)0 w# S9 \" }2 v0 I; Y
270,000 * 2% = 5,400- N3 l& e+ h. b* W0 ~9 w
adjusted mortgage balance: 270,000 + 5,400 = 275,4003 @7 i/ N, \ f/ c; m9 d
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment7 o/ x+ ?6 i1 N+ t, Y
4. 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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