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Assume: House value 300,000! E: W5 m! W* H/ _5 B6 }! |
10% down payment
2 n" w" S( a# e0 l* A' ~) | 25 years mortgage (25 * 12 = 300 months)
8 p" B1 c5 h. F) V rate 5.24+ n# Y) R* ~% E' e+ d+ V4 T
( ~, T0 Y5 a$ C v1.effective rate 0.43197466
( r( W- Q1 [) l* Z. r" Q/ t: ^ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 }6 @3 Z/ s7 E! s" z/ r
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466% K* p4 [1 ^& }2 ~7 f4 N/ S0 G
2.Adjusted mortgage balance
0 w$ G' v/ w/ d1 A4 @ 300,000 * 10% = 30,000 downpayment
; x! v7 |( @& `# W6 F. z) N 300,000-30,000 = 270,000 mortgage requried
/ h) B9 J' U2 e5 K% d. f 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)1 O3 x, U$ ^6 i- \* @: o4 l# t
270,000 * 2% = 5,400
& A7 y. S* I& M! @# t; B adjusted mortgage balance: 270,000 + 5,400 = 275,4007 q5 y1 l% D A. N6 D) m* ~
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
* b' j5 |: i7 o& n- D4. 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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