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Assume: House value 300,0002 m0 b; V+ @2 I# D3 D: O
10% down payment
$ R! E) W$ h: ^( n8 e8 { ~ B/ g 25 years mortgage (25 * 12 = 300 months)
3 O, M- k6 m; s! n/ [ rate 5.248 {+ a+ U( ~. x( R; ]9 W7 o
! W- d! i8 N: p Q X! L1.effective rate 0.431974668 h- g; e' o( E
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
7 f8 Z- Z9 {3 G* q2 c. } 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466- T* z' o! n" C! m0 j' X6 m3 D
2.Adjusted mortgage balance
4 a$ l7 z$ y- O: A7 t8 U 300,000 * 10% = 30,000 downpayment8 ]/ h- q5 K% Q- t$ m5 g3 w
300,000-30,000 = 270,000 mortgage requried
# R4 ^$ V- M9 k/ N1 |. q- c4 e 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)/ V8 K/ W& v. a3 v7 k
270,000 * 2% = 5,400
' S# m* p1 S" w2 f$ e& k5 K adjusted mortgage balance: 270,000 + 5,400 = 275,400
. j7 e% u; i R% C$ E1 Q) W3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
2 o0 v5 p5 Z; d& w7 X7 ?- 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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