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Assume: House value 300,000
8 C; W5 J; E& q: k5 w q# e 10% down payment
4 i. @/ I" R& }5 \ 25 years mortgage (25 * 12 = 300 months)
7 G+ Z* [/ e1 h3 H- D rate 5.24! C4 A L' `; _$ c/ G2 P Q
# U+ }$ p) d4 H
1.effective rate 0.43197466
$ a/ ?. w* R, R2 o0 V3 W in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ' }- s! r0 f7 Q6 U. o" B
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
8 }1 C) ], H/ B4 U/ A3 f2 C2.Adjusted mortgage balance. m2 t, T. x3 T! B* M" w- ~
300,000 * 10% = 30,000 downpayment2 S& T; D& d0 \. W/ {
300,000-30,000 = 270,000 mortgage requried7 q, G: _" n) f& ]; P2 u! b, H; Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
, M0 h4 a6 C+ F2 n# E \6 }+ ? 270,000 * 2% = 5,400 _1 j9 q/ `9 I7 K8 h" ^0 |
adjusted mortgage balance: 270,000 + 5,400 = 275,400
9 m; N: o! w' y3 o! r6 S/ g% g3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment# _6 a, `- W' u- h/ }; O
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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