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Assume: House value 300,000" D9 y% P* F* y+ z P8 G# D- [
10% down payment % j# i: W4 u% A5 E
25 years mortgage (25 * 12 = 300 months)
8 t, v( _2 P$ `) r rate 5.24# R. U( |, }! Q1 |8 }; u1 r* I
. e- m, J. e) u+ F6 G! C1.effective rate 0.43197466
; u) B8 B/ K' u: Q: y0 [4 y/ E. w in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 z5 A, X* f4 u' S6 N 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
- I l$ S3 F# }8 n {0 T2.Adjusted mortgage balance
( G0 h% t1 c) i. ? s9 b" [- r 300,000 * 10% = 30,000 downpayment/ y% L8 R8 j) j" u1 e
300,000-30,000 = 270,000 mortgage requried
* Y& h- C; [' ]2 Y 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC). `2 y+ h1 N" @2 c' l: k" H: V5 x+ e
270,000 * 2% = 5,400
; u# B, ^4 S6 T adjusted mortgage balance: 270,000 + 5,400 = 275,400
. @5 t. o) N4 V9 ]3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment5 R, [ [/ [) \) J# f0 U
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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