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Assume: House value 300,000: K5 W6 y5 g2 P! o: E. M
10% down payment ; E* V% K: V: A+ u
25 years mortgage (25 * 12 = 300 months)$ j$ i' c+ u2 M9 U) J+ b/ s
rate 5.24/ S; {% B& N7 z1 k8 j3 }
) o: p% b9 }& `( e1.effective rate 0.43197466
/ C0 g' `9 F" i3 X2 @1 | in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 7 L0 \9 Q" y* ?% M
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974665 M: ]3 p a* n1 ]
2.Adjusted mortgage balance6 U' g/ h1 t; D' ] S
300,000 * 10% = 30,000 downpayment
7 B. D; G4 [' a: Q( n 300,000-30,000 = 270,000 mortgage requried! C+ w" L8 ^- T
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)& O6 X m0 O) u- G
270,000 * 2% = 5,400
8 r9 O% |4 B& s+ B7 g( _ adjusted mortgage balance: 270,000 + 5,400 = 275,400" w8 i( [' c" B; k; v* x4 D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment- {" {/ [' W6 Y2 N' {' N: X
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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