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Assume: House value 300,0009 ]+ M/ N5 t, x# G2 `
10% down payment 9 v2 U0 N* M) K
25 years mortgage (25 * 12 = 300 months)# ?4 D2 D& }* v2 f# W/ N+ C }: F0 `
rate 5.24
7 B# J2 u: k B: k' f4 O; \6 P- E% R; x3 g
1.effective rate 0.43197466/ Z G5 E1 _# ]; y
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
I9 q3 N* i2 k0 J+ s 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974662 L. `- H/ u8 d1 u. U7 `! u
2.Adjusted mortgage balance
4 C+ v- x$ j" }9 h/ y- X! G 300,000 * 10% = 30,000 downpayment
$ u. n4 h" {7 e6 C 300,000-30,000 = 270,000 mortgage requried, A! p8 {* W4 d
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)- N$ p( i6 b. {/ |% m
270,000 * 2% = 5,4003 g* x) q! V' T2 J. o
adjusted mortgage balance: 270,000 + 5,400 = 275,400+ e9 H i3 A3 c& }, _; Y
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment# x6 M% K. T7 Y) e' r0 J
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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