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Assume: House value 300,000: l- ~1 ?( D% v. x, O
10% down payment 0 Y( ~: n3 X4 f. X1 t; I# i
25 years mortgage (25 * 12 = 300 months)- v, v! g$ z' @5 t' q
rate 5.24
# I! U5 S3 D9 p, K' `7 F4 X; R3 O: f# l3 @+ `/ W
1.effective rate 0.431974667 p1 ^. l- a* u( ]9 L8 s
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 b* X' x+ { W* n m% ~" ^ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
# D' @$ o" o/ U; ^: b2.Adjusted mortgage balance
, `( c+ J+ a6 E+ K 300,000 * 10% = 30,000 downpayment
# Z1 c: e8 ^0 C; Q$ d$ Y+ J 300,000-30,000 = 270,000 mortgage requried
5 `5 r& W" X* |6 `- ]: K1 H3 j 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
2 J) s: o- ^0 C7 t. c5 j' W" E 270,000 * 2% = 5,400
4 u1 s9 _ E8 \- |. }! g5 B8 G adjusted mortgage balance: 270,000 + 5,400 = 275,400
3 d6 D1 ~, L6 e Y3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment! e9 O6 a' q% c; x0 L) W
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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