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Assume: House value 300,000
( Q* n, m, J, U [' u' D 10% down payment
) Z; R: z- ] F& s 25 years mortgage (25 * 12 = 300 months), U% V# l S1 _, T5 Y
rate 5.24
0 S, A1 V5 f; V# l% d, ]: `. t2 |3 s4 E9 X0 b" Z
1.effective rate 0.43197466
- R% ^; o+ d: K/ E+ a+ [* P in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 7 V) ?& \& b6 h1 f0 L2 j
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
5 W9 z D+ a2 o/ @. l6 h2.Adjusted mortgage balance
: x! ^# e Z+ r 300,000 * 10% = 30,000 downpayment
4 ?8 w$ v2 q( C+ j, G 300,000-30,000 = 270,000 mortgage requried
/ }/ z% G" F- C" U+ [( i, l* L 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC); {) ^+ z2 |8 \* P
270,000 * 2% = 5,400" w% Q( u& j9 a8 I3 ^5 E
adjusted mortgage balance: 270,000 + 5,400 = 275,4002 F& T, \# v/ U" g! D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' g: ]( t9 J) L+ d7 Y
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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