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Assume: House value 300,0000 X/ R. W# P2 H7 D2 o. U; L7 \+ d
10% down payment " G# n7 z; |5 m5 K( d) M, H4 [) k
25 years mortgage (25 * 12 = 300 months)
$ a! h2 o. C# G4 P: C rate 5.24
; K! l; ^; W! Y, _" e# {
+ N& L3 s% N+ K, ~& {5 g8 ~1.effective rate 0.43197466
( `8 o; h4 r' w3 f in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
# ~; }: y) y3 D: L. ` 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
9 h* ~# B+ r' a9 {2.Adjusted mortgage balance
, u* I; P3 j) C 300,000 * 10% = 30,000 downpayment3 c6 l- F3 z3 W5 u9 M
300,000-30,000 = 270,000 mortgage requried6 K" U) Q% @, _. k+ [& W2 ?) }
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
% m+ w! A% m6 t" ~: { 270,000 * 2% = 5,400
z3 E/ a1 S) N. R- Z5 R9 F adjusted mortgage balance: 270,000 + 5,400 = 275,400' G- q/ f0 \. R: \: j
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment: G9 k( c o" I3 [7 g3 v' U" d
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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