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Assume: House value 300,000! q7 D3 z0 r- Z; k2 L
10% down payment 2 B, U2 t& M( O1 m( s2 V2 `' K
25 years mortgage (25 * 12 = 300 months)* v/ Y, L& X3 y$ Y; U# F# L
rate 5.24. @, g& v$ F4 G4 q3 C6 R
7 E4 l) w0 m S+ R$ G
1.effective rate 0.43197466
! J0 m* c. O6 n& Z( ]3 K, J in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
! Y9 V5 }% D# k) ` 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
2 l/ k1 W5 J0 D* Z4 a2.Adjusted mortgage balance6 E/ j2 l6 ~% x7 K
300,000 * 10% = 30,000 downpayment" g/ N1 k8 o3 V7 ]6 K& O8 x
300,000-30,000 = 270,000 mortgage requried) a7 ?: F* g+ B; U0 ^
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
- D4 J* y4 a% k |3 N 270,000 * 2% = 5,400' x8 h7 x! g a7 M3 q- T
adjusted mortgage balance: 270,000 + 5,400 = 275,400
& g& `/ G: y5 A. e8 C3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
, X) L2 ~% S- x4 Z$ c* v+ Z& 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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