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Assume: House value 300,000
- W% `, e1 u* u( H 10% down payment ; Z" k' ~7 _% Y {; k8 }9 \+ s- D
25 years mortgage (25 * 12 = 300 months)7 L% \2 W, O" q+ L9 @& z
rate 5.24
1 K1 q, y3 I* Q, `2 F. c4 H6 V
4 p6 A( [: O9 y7 E. U! N/ ~6 p1.effective rate 0.43197466
, b- r, ]" F$ c; N in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
* M R% Z, n+ A$ L8 x 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
, v3 ~" \. J) W% C5 i( K2.Adjusted mortgage balance" |6 z1 R1 u6 v9 h: [- Y
300,000 * 10% = 30,000 downpayment/ q1 L, M8 x" h4 Q4 [9 S
300,000-30,000 = 270,000 mortgage requried
7 I% p& T& S* t( [( q 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 _, }3 l/ q7 I% [% w( `' W5 o, z
270,000 * 2% = 5,400
* |7 ?- J3 n5 `6 s adjusted mortgage balance: 270,000 + 5,400 = 275,400" i9 z. X/ _6 E$ }0 D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
! N# K! G1 V' @/ X3 L0 Z4 [# @" X$ e4. 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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