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Assume: House value 300,0005 D! h s/ Y! {' x: Y
10% down payment
' k6 ~& W3 S/ A 25 years mortgage (25 * 12 = 300 months)
/ W0 o, ?% i: x! ]5 ~2 v2 t rate 5.24% `- n/ G5 l3 M' I& Y9 Y
% \9 O! F( N6 J G6 D9 `% b6 [1.effective rate 0.43197466) D1 b: h! \* d* s" ~2 e u4 x
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 u1 w# |7 Z q* d% i$ M7 G 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974669 `; ]# w8 N9 \6 h Y
2.Adjusted mortgage balance1 B. G% t; X0 b' E! {
300,000 * 10% = 30,000 downpayment! e. U& X* n) L' }
300,000-30,000 = 270,000 mortgage requried
( @* D! L1 O, S. _# B U+ _( n 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC): b; M8 \: t) Q0 J' @# B
270,000 * 2% = 5,400! ~2 h2 K {/ o; {7 a* z+ w# e; Z
adjusted mortgage balance: 270,000 + 5,400 = 275,4006 l6 B* Q. L* C( E( I) F a3 \
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- L6 e9 X7 ~+ D7 y4. 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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