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Assume: House value 300,000# f H6 [8 H4 @! Q" ]* [, g
10% down payment
# s) s. f" b8 I( z+ | D2 M 25 years mortgage (25 * 12 = 300 months)" P, B1 { Q) x6 e0 L
rate 5.240 Y) i( E! r+ S+ k5 V0 J! |5 M; K
5 Y5 u2 O* r9 e! w- o2 E
1.effective rate 0.43197466. J5 H7 c2 G( \( b$ N& X h
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. " W) u+ I+ [4 F
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466- D: B: b6 R3 X: ~" p$ \
2.Adjusted mortgage balance
& d* B! ~+ k4 l' i$ O: E) V' H. M 300,000 * 10% = 30,000 downpayment
- b2 t& @' B% X. s 300,000-30,000 = 270,000 mortgage requried
* V: Z8 e) j0 E: k0 I 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC). v6 r- y2 F2 M0 g* ]% Y1 |: a
270,000 * 2% = 5,400
; k! N0 @) O) Q, K$ ?. `6 Y& ? adjusted mortgage balance: 270,000 + 5,400 = 275,4008 z& _- J/ x# h$ Z6 x% J+ ?6 ]1 h
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' f+ Y: I! a. ]& b
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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