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Assume: House value 300,000
1 d! ?/ X5 t, x3 D0 h 10% down payment
1 ~! J$ i* \ V4 O+ w 25 years mortgage (25 * 12 = 300 months)# z3 I8 d3 V' j
rate 5.24
# j- n. ]5 r3 P& Y+ G5 F1 Z5 ]5 l* B+ j9 @* d
1.effective rate 0.431974664 @0 P( u" L9 Q# H) }! @
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. + a9 W+ j5 E1 U* m" F) T+ i6 G
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
$ ?) z, _ |! d+ n; L' ]4 b2.Adjusted mortgage balance: ]0 L v1 S/ Q+ C" O% B% K
300,000 * 10% = 30,000 downpayment. B! p5 n- G% i. u6 D
300,000-30,000 = 270,000 mortgage requried
( l4 t5 @8 D& n7 K3 T4 ^ G9 A 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)( I/ J4 Y- j- D7 D9 w
270,000 * 2% = 5,400
/ {; \2 h7 V: y( Y' O: P: M adjusted mortgage balance: 270,000 + 5,400 = 275,4001 t& k4 e4 w* B- F: s8 u
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
# W$ t; K5 b. Z' u4 }0 r. N3 G) V4. 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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