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Assume: House value 300,000% Q/ P7 K7 E' D$ z/ d& H) Z& i2 M
10% down payment
" C2 R. H6 I! D5 q 25 years mortgage (25 * 12 = 300 months)/ f5 Q& @2 U4 V1 z
rate 5.24# w3 L9 S2 R3 r
0 s; X$ d7 n S+ R' i0 f7 B7 P7 n1.effective rate 0.43197466
+ D u5 I0 x6 m1 [& J, C; \ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 I4 n J& B7 ~' J* C 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
* I4 v+ a7 j% t5 M0 F2.Adjusted mortgage balance
6 R1 k$ [4 r! ~9 [$ N6 e5 J 300,000 * 10% = 30,000 downpayment
8 f/ s d1 x" u4 [2 B' ^7 z 300,000-30,000 = 270,000 mortgage requried9 m+ ]* j: C0 I7 l: f' I7 s+ |
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)1 H# @1 ]8 X) c
270,000 * 2% = 5,400
3 G1 r& V k, a' o8 A0 { adjusted mortgage balance: 270,000 + 5,400 = 275,400# ?* X5 r$ T1 o, Y* q
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
/ b: `0 H! Y. k. f2 a9 [) |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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