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Assume: House value 300,000: c8 V* t/ T3 ^" w3 s" R& h3 G
10% down payment & {: j& `! O2 w! G; d' C
25 years mortgage (25 * 12 = 300 months)
( L t8 s- O& u8 H6 s rate 5.24
' V0 e& j9 ^3 s- |! `/ H* R% O" F" ]5 O7 e: G
1.effective rate 0.431974665 m6 Z* X$ ^' t
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. " x* I% r/ x$ X! H3 R
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
7 N3 p. n& @$ e2.Adjusted mortgage balance
: C/ [0 @+ n' `& R# @ c' ^ 300,000 * 10% = 30,000 downpayment
) h4 F7 L& ?" @- |$ s; D 300,000-30,000 = 270,000 mortgage requried
$ l" ?/ \: m g# m, G- D U" Z 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
B% l5 U2 y+ W( ^5 Y 270,000 * 2% = 5,400( e' g4 ~1 G8 f8 J7 V% D
adjusted mortgage balance: 270,000 + 5,400 = 275,400
' m6 Z# p* ]- h* @2 G6 b3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment8 `8 Q5 D0 f' o5 h! r) E
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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