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Assume: House value 300,000! T( u1 n+ @" d/ y
10% down payment + ^' K* Q3 y* U( n# x% V, G. Z
25 years mortgage (25 * 12 = 300 months)
# b1 i* l4 a0 M% |. a/ N9 O rate 5.245 K& A4 a1 R3 r
# z! v: P4 x) Q$ ?$ ?) Y8 D
1.effective rate 0.43197466
2 H! N& w1 c0 j" U$ X5 }$ ` in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
1 V. E1 \' Y r+ @ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
" Q- D# i& I, P% B6 o2.Adjusted mortgage balance
5 i1 F. o% F. i 300,000 * 10% = 30,000 downpayment5 b' C' u" L; i+ i8 \
300,000-30,000 = 270,000 mortgage requried2 I+ X/ L* ^" ]" h' `6 W
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
. r" V! t+ P X- J+ O/ Z$ I; n 270,000 * 2% = 5,400+ t! ]! \& q5 h9 q- E
adjusted mortgage balance: 270,000 + 5,400 = 275,400
# v3 l, A( s$ X$ R' }. D% y3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
# I( F8 W* l. p6 b( e& j4. 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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