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Assume: House value 300,0008 z* G3 Y d. k7 c9 d1 F
10% down payment $ a& v" T" J% j
25 years mortgage (25 * 12 = 300 months)" R& o4 U) V9 T( W( A) [
rate 5.242 u& i4 Y# ]& a
7 w9 M/ v* w/ A( U
1.effective rate 0.43197466
( @; J- N5 T- ?2 g- f in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
' I/ R$ _- t3 c/ e$ D) t 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466+ t: k/ d" k6 n) G: v2 D
2.Adjusted mortgage balance
+ O8 {3 @4 a$ i% A 300,000 * 10% = 30,000 downpayment
/ U+ `; G' J* A( z# Z4 z% P4 @* Y 300,000-30,000 = 270,000 mortgage requried; P6 ^8 q# i& n: u1 Y
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)6 z% w" i ~; w! R& p
270,000 * 2% = 5,400) v4 s2 X! B! E8 K
adjusted mortgage balance: 270,000 + 5,400 = 275,400
8 [5 ]/ c& V" L9 [9 p3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
% B& h: U2 f' }7 c9 m4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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