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Assume: House value 300,000$ h9 D0 m* k* o$ H* S" {
10% down payment 4 S3 }% C! j* ` R8 R
25 years mortgage (25 * 12 = 300 months)2 @, r0 ?7 } ?6 g9 r
rate 5.244 \0 J& q6 g+ f. Y# A' n
+ E" [3 U4 ~. e/ K# b8 b6 l1.effective rate 0.43197466
( d6 w3 R1 \4 ~! @0 G in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
5 E5 o8 Z4 {* I0 r5 b% c: }# \ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
1 r/ y1 Y" O# D( Y# x0 m# M: d4 z: B2.Adjusted mortgage balance2 e5 S' C! l( X Q% r- C7 M* K) Y9 f
300,000 * 10% = 30,000 downpayment( I* V9 U, q ^
300,000-30,000 = 270,000 mortgage requried9 C& I- {5 J6 Z) Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC); C; z+ V' _8 W7 K! S) ~
270,000 * 2% = 5,400
& ^1 e1 K8 g- ~. m1 B4 q7 m adjusted mortgage balance: 270,000 + 5,400 = 275,400
0 ~* I0 h; m8 t: I3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 U( k4 y- W% R9 ~1 z
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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