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Assume: House value 300,000
& E1 @9 f F2 n* c$ _) M3 P7 D 10% down payment
+ k2 m( K' S3 c9 P/ B! [7 [& a4 H4 ` 25 years mortgage (25 * 12 = 300 months)
1 d* I' b7 |- `6 L8 _9 G rate 5.24( G. F# p( S& O/ T4 X3 y
8 l9 \8 C# @1 u r! E% [1.effective rate 0.43197466- e( X; F& l. Z! L) h) `3 S$ m& M) b
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 7 f1 E0 a$ |. I
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466# g5 K8 V' b. z5 n
2.Adjusted mortgage balance
, b/ N9 z2 G9 J$ e# Z 300,000 * 10% = 30,000 downpayment
8 b/ p+ ^, t/ } 300,000-30,000 = 270,000 mortgage requried
! J% d- f. f) T3 e" U7 M" X 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)/ P2 y9 p, ~( ]4 ^6 W( E% U1 p
270,000 * 2% = 5,4001 ~& X" n) Z) t X
adjusted mortgage balance: 270,000 + 5,400 = 275,400
5 q: B* t1 i* [. B7 P) N8 I; y$ {/ V3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
: n, _: U2 q* `# D1 l3 }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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