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Assume: House value 300,000
9 q, N0 X2 v. i# E6 P# S 10% down payment
5 d7 ?+ @1 b! u; \, N- F 25 years mortgage (25 * 12 = 300 months)
) m6 v) `0 ]$ ^- [9 k/ a/ r rate 5.24& m/ }$ d9 n1 j0 N' Y9 r
6 ^! A- c. _/ K; @- C1.effective rate 0.43197466
8 Z7 g" w5 N0 k" c) P in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
$ _8 j+ h" f6 J, g 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 w" M: O5 E X. X4 B" o2.Adjusted mortgage balance
; G* x+ A8 f* ~' { 300,000 * 10% = 30,000 downpayment& k9 r8 ?6 Q. x
300,000-30,000 = 270,000 mortgage requried" H" A+ F6 Z, I0 T/ `/ t0 V
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)0 N: Q7 w3 |7 U0 |# H4 G
270,000 * 2% = 5,400- C$ X% T, M# z& B+ O; y: a# ?% l) I6 e
adjusted mortgage balance: 270,000 + 5,400 = 275,4007 d3 P9 h; p0 P. [( N; q( }5 D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
z* n$ A* s% O4. 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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