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Assume: House value 300,000/ `$ ~' z; n* j+ c% E/ b, K
10% down payment
3 f: l( B- o a: C 25 years mortgage (25 * 12 = 300 months)/ j; g$ a5 F9 W3 M% Q0 ~
rate 5.241 d2 W% K. m) {3 L0 j
& a6 |2 E* y7 Z1 w) C
1.effective rate 0.43197466
& E7 n) ]' l2 v9 p. ~( y$ U in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. / F5 u. r8 T1 G/ z8 n
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
: _/ b8 s. i6 O5 T9 b) W& R2.Adjusted mortgage balance; U, D0 Z* r, Q- _
300,000 * 10% = 30,000 downpayment; a8 o, d+ A0 q) |7 c/ o
300,000-30,000 = 270,000 mortgage requried
5 H1 y$ r- P, R: x4 N1 A! s 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
6 Y/ p5 l4 N6 L+ N* y 270,000 * 2% = 5,400& ~; Z1 P' ~6 K- V/ o1 u/ H
adjusted mortgage balance: 270,000 + 5,400 = 275,400 ]: f( w& T3 j5 D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
4 _# w( o3 I0 H. v: \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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