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Assume: House value 300,0009 a3 v: D8 H8 h
10% down payment
5 k: L! ^! L* Q& [8 d 25 years mortgage (25 * 12 = 300 months)1 L! j+ n- U/ P; {9 i
rate 5.24
! ?8 F1 a: M6 I! W5 Y2 j# ?6 m! m g( J# W( h
1.effective rate 0.43197466
5 P) J* h5 m" v& \8 Q) Y; h4 x in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 5 M1 {2 z0 g9 A6 o% k
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
1 H3 h2 u$ q( D! z5 ^2.Adjusted mortgage balance- c# J- _: ?% L1 |" B
300,000 * 10% = 30,000 downpayment% v" c$ K! z) O1 r! g, C( h: e4 C$ g
300,000-30,000 = 270,000 mortgage requried
2 G$ t' B7 ]3 m. H 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
6 z* N0 l* u8 N# k* Q$ R/ G 270,000 * 2% = 5,4008 f- J- n, A" l6 i* V* b
adjusted mortgage balance: 270,000 + 5,400 = 275,400; k! p! Q' U' z1 S# A8 j9 K5 w
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
, X+ }- n# m4 y D+ w4 E0 v4. 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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