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Assume: House value 300,000: ~" q' z2 w V
10% down payment 5 Z) z2 R$ p3 W! ?5 q" w# ^6 D0 P9 r
25 years mortgage (25 * 12 = 300 months)" f6 c# i3 p5 S. a/ k! H! K% d. [
rate 5.24. l; o3 s0 t* y y; I! l ], w
' M. m4 A+ W0 t8 A1.effective rate 0.43197466
; r- Z. m* f' _+ S7 x9 l: |1 A5 y in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
3 B" T8 [4 d* v! y9 w4 w1 ^9 W 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466; Q( a5 i" _. X" ~
2.Adjusted mortgage balance* t7 r# o& W. ^" t# k& z$ f
300,000 * 10% = 30,000 downpayment: x( @1 I5 [! e1 x# k, P' x
300,000-30,000 = 270,000 mortgage requried0 M4 c6 {; r3 z8 l8 V2 J
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)# A' Z- {# a, |5 t: B/ _
270,000 * 2% = 5,400
/ O' U5 `6 p9 B9 ?' D* m( \ adjusted mortgage balance: 270,000 + 5,400 = 275,400- L/ t+ {* f. w1 Q; i' u: R3 u7 _
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 h$ m- P/ d: D9 f- }* _
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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