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Assume: House value 300,000
- y- _+ _7 m. M 10% down payment 0 D2 l, C) w, }4 v; f- `" u
25 years mortgage (25 * 12 = 300 months)9 K. B+ g' O2 D8 I) o
rate 5.247 S5 C6 X+ a2 @5 b. n1 }9 v
s8 s5 [! K; v0 q' O
1.effective rate 0.431974661 l" ^) i0 \+ g
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
) F- _2 G. L) X8 ]7 _7 n 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
$ c- V4 a" v8 D: _* T5 F2.Adjusted mortgage balance2 ?8 |1 e9 O; }1 v5 w O- o& U
300,000 * 10% = 30,000 downpayment
6 t+ ^5 {1 R: b 300,000-30,000 = 270,000 mortgage requried5 {6 x! _3 W) t3 G1 m! N
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)2 z3 q6 |7 z0 V# s$ x7 }
270,000 * 2% = 5,400! V5 i J# L s! ~! N) i
adjusted mortgage balance: 270,000 + 5,400 = 275,400
9 O7 ]* L* B, l7 X" z5 c3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment2 o, o& m) Q8 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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