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Assume: House value 300,000; D% C% l& p! l) a% }! G
10% down payment + [8 ]0 _) Y- o
25 years mortgage (25 * 12 = 300 months)
/ B' y; Y2 v! R! ^9 L& e+ `5 ]7 W rate 5.24
+ C( d3 o& m/ V- Q& `- S' e* q
2 d5 B1 M: y; B6 p8 e% x% j& C1.effective rate 0.43197466/ o4 ], g* Y( [3 n- p6 w
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
3 g! N S7 X* }1 [3 v# d* M; j- B2 q 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
5 E$ D" \$ A) r7 x& I2.Adjusted mortgage balance9 U) x! @9 T* x1 E; X8 e
300,000 * 10% = 30,000 downpayment( P' _) l* x$ a, i
300,000-30,000 = 270,000 mortgage requried- G8 k: |5 S) F- ^8 r6 w
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
7 g( H2 q8 ~1 x: Q1 @ A9 f8 h 270,000 * 2% = 5,400) E1 U9 ]% h6 t* H9 o
adjusted mortgage balance: 270,000 + 5,400 = 275,400
5 R- y) E8 m% v0 V) X3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment5 v5 C5 b& N q4 ^5 Z
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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狗仔卡
发表于 2008-9-25 13:29
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