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Assume: House value 300,000
P, O7 V6 E9 v 10% down payment
0 B! `# S# W# M; d. C! @ 25 years mortgage (25 * 12 = 300 months)( P: y# o) Q4 W& h
rate 5.24. f! n) B6 V& G
1 I9 b6 u$ l3 p# i+ Y' t2 B
1.effective rate 0.431974666 g' A3 g; t9 P& E+ X: j
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. # K4 T+ u! ~3 r! u j0 i3 ~
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
! S- w2 g0 N1 u: x2.Adjusted mortgage balance9 _% ^3 ~* w/ k1 D
300,000 * 10% = 30,000 downpayment
" K: {" Q5 J$ l8 K/ q4 d7 x 300,000-30,000 = 270,000 mortgage requried# X, ~3 y# K* H, g. s; q; S* @( r, [7 i
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 ~; I1 X8 p* ^5 k
270,000 * 2% = 5,400
$ d# Z: |* M( ~$ [" z% N, r adjusted mortgage balance: 270,000 + 5,400 = 275,400
) W7 S7 f0 H7 G0 k3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
5 \% \# C" m& H& @' J9 @* D( ?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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