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Assume: House value 300,000! i+ J( j$ O/ y9 @, _
10% down payment
8 h$ ?; s+ F+ l3 R; ^7 f0 C 25 years mortgage (25 * 12 = 300 months)( D6 _% F: S) v! h% Y! ^. r+ |
rate 5.24
" G/ ]( N* H. H: r, I- \3 Q; `/ V+ L/ u& s( @
1.effective rate 0.43197466
. Z8 A" M. } `: Z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
5 J* q6 ~- [4 ?1 X6 K+ m I 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974663 `' ]. s/ X: T3 e
2.Adjusted mortgage balance
+ @5 Q4 i) q, K | 300,000 * 10% = 30,000 downpayment
4 |: W1 J# W1 E4 B. D 300,000-30,000 = 270,000 mortgage requried) E6 H. \( ~0 ]
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
+ a' _+ C8 G9 ]5 X, C8 { Q9 S 270,000 * 2% = 5,400- x% A. M$ w' Q8 `4 W# t6 n
adjusted mortgage balance: 270,000 + 5,400 = 275,400
( ?0 T" {- x, l! Y( V3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment6 p" I2 {7 M$ ~
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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