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Assume: House value 300,000
. J0 y; f9 g. f+ L/ ? 10% down payment
W* |1 E. m4 ~: u 25 years mortgage (25 * 12 = 300 months)
3 p5 K( L, q! t' b5 B( O: [ rate 5.24
]& r! w0 {/ T* N o4 |
# E$ l" p/ x* t$ b/ Z1.effective rate 0.43197466
/ N8 F/ c6 m' ? b" R in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. : b; L2 h: W3 `* W
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
; f6 z2 G3 H( L1 V G2.Adjusted mortgage balance
1 ` W2 F1 c. f5 Y$ ~ 300,000 * 10% = 30,000 downpayment6 ^4 a4 a- P. Q. D; F) P" ?* T
300,000-30,000 = 270,000 mortgage requried
* J p. [9 V5 e I' ~! Y 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)+ s' K& K; I$ P/ R/ n2 H" `
270,000 * 2% = 5,400
/ N8 j: b( q: R9 I# p4 Y. q adjusted mortgage balance: 270,000 + 5,400 = 275,4001 x K) B$ z1 R9 r
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
0 s/ p2 M' T. U9 N1 x @8 T, n4. 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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