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Assume: House value 300,000
: I9 O) @! P+ @) O/ K4 r 10% down payment , E" W& R9 X$ D
25 years mortgage (25 * 12 = 300 months)
- E( h1 W. x' T6 ` rate 5.24
" R) U# I, Y1 D& i, i$ A! L/ M4 c& W2 y0 E" X8 F4 f- M+ h6 R o
1.effective rate 0.43197466
7 ]6 Z* }- P9 B* D: S. C in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. : ~! a' M# D R; I1 I) q) D3 P
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
3 a* t1 x9 U3 L9 ]' ?! v2.Adjusted mortgage balance
: B4 w9 n$ j" i( `( k% ^' ] 300,000 * 10% = 30,000 downpayment
" W+ o2 {( i `( F' r; C$ ^9 ] 300,000-30,000 = 270,000 mortgage requried
& o8 Q Y8 w( t) Q, H 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
9 d( b; k) V0 l& w% q5 | 270,000 * 2% = 5,400
- z+ l, e; O0 a/ r8 A& p6 A adjusted mortgage balance: 270,000 + 5,400 = 275,400, U4 C, k+ y3 V1 u
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
% u3 E$ c, d2 V* w! D. `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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