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Assume: House value 300,000& r/ O! r7 ^( d& @) d5 _
10% down payment * Y; F6 `5 n) }2 f
25 years mortgage (25 * 12 = 300 months)
; e, M1 }% J& s1 K2 e rate 5.24+ s+ O, |7 Z3 U* L6 ?. C
/ Q% m# M1 \3 w: f1 F1.effective rate 0.43197466
2 t, B3 z g4 R' R! {/ z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ' V, D4 J' L# J7 z7 ]. ~
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
" j8 G- I( g/ h; w5 K: E. |2.Adjusted mortgage balance
6 ]4 U( c9 j& ~. h# c 300,000 * 10% = 30,000 downpayment
! i/ B! c0 X+ a0 }$ @ 300,000-30,000 = 270,000 mortgage requried$ |. t( D: ~ q- X1 r2 e: A
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
' M, c. t5 _5 | i4 |9 h& u; m0 z 270,000 * 2% = 5,400
, k- o/ F1 b5 O8 I4 i# }) B- z* Y adjusted mortgage balance: 270,000 + 5,400 = 275,400# E, }7 N; A' `$ d
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment; i5 C6 I; K3 N# b4 m0 ~
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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