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Assume: House value 300,000
- g/ Y" e ~: w# d6 y+ q$ m 10% down payment 4 b4 [8 g& G7 j2 O2 r2 Q4 `* j3 n
25 years mortgage (25 * 12 = 300 months)
$ C5 D) M1 H8 L h rate 5.24
- b* O6 H) M$ O5 t, r% y8 @ d* c: v2 ` _5 R+ r Q5 F
1.effective rate 0.43197466
: `) I+ T1 Z* ^6 ` in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ' k+ w( p2 }4 u) H8 |' A1 w
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466: q0 ]( k) X& `) [8 f
2.Adjusted mortgage balance
' W. ^0 u' S; B 300,000 * 10% = 30,000 downpayment
/ w. K, }- {8 }( j% J0 r. R/ I 300,000-30,000 = 270,000 mortgage requried( |# Y5 X4 v" S: l: l* R9 g7 ]- ^
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
; U" v, C2 Q, X' ~/ o 270,000 * 2% = 5,400
3 a5 o% `3 H+ x adjusted mortgage balance: 270,000 + 5,400 = 275,400
& ^) p7 y' t" m' C+ E5 ]4 A- J3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment" L. b( W, o& a
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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