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Assume: House value 300,000
& R2 O- V) M3 B% e, e. B% S 10% down payment
) Z; r5 w0 t! I- G 25 years mortgage (25 * 12 = 300 months)
6 g9 ?, `" Z2 z, q+ A* _# l rate 5.24
8 d' w1 E) K3 }5 M R6 S9 P' O* r; k+ J
1.effective rate 0.431974663 ~9 I+ Q) }. B0 q$ Z' ?
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
; ?" Y% G- W* [5 C8 g( I" N, | 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974663 r! x$ V$ |* m% A+ j
2.Adjusted mortgage balance
3 ?+ U+ \/ G" G1 o# S 300,000 * 10% = 30,000 downpayment- L! D3 `3 {$ W4 c
300,000-30,000 = 270,000 mortgage requried0 a9 g: t7 h) K" L# p
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
+ e& f$ o2 i, X 270,000 * 2% = 5,400
# k7 v; r i: _1 i R6 ^$ G$ M adjusted mortgage balance: 270,000 + 5,400 = 275,400. p* u5 i8 H4 m: e
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' b, _& X0 f. H
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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