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Assume: House value 300,000
6 ~0 ~2 X1 n& }/ q8 L/ A- O: Q- M 10% down payment
7 m: F. |& a0 Y. o8 b* y9 Z3 D9 k 25 years mortgage (25 * 12 = 300 months)- `: x: c) x! ^ T B( g* m
rate 5.240 }% q: z/ r# x, b7 S6 z5 F
. Y% N5 Z) A# R5 g
1.effective rate 0.43197466* P u0 X H1 x0 X: Y
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. + U9 V @8 N3 v9 N
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
' I1 N, U( d! B2.Adjusted mortgage balance
1 Q: E3 _: H# h$ @! D* h2 \ 300,000 * 10% = 30,000 downpayment; n, c& q' K/ K9 k; i
300,000-30,000 = 270,000 mortgage requried/ S: F+ X3 o4 }6 g: ^5 H5 i! Y
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)) V; M3 ^3 W6 x8 u0 r
270,000 * 2% = 5,400
' l4 |. S5 X0 c- j: B adjusted mortgage balance: 270,000 + 5,400 = 275,400
9 P! `7 H* G6 H2 }( ^. I5 r6 V3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
8 q- }7 l0 Z, W( c/ E9 G4. 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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