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Assume: House value 300,0001 ]0 h- H* z" T( L* O& X! f( `
10% down payment
9 [, r3 y2 I# k" P1 R 25 years mortgage (25 * 12 = 300 months)
& e- D8 J/ h! ^- m# Q rate 5.24" x0 ^3 u; z. ]* l7 |
; }# u; a9 m1 w+ g: ^
1.effective rate 0.43197466
# Y; L( ]* J' E in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 9 s- e6 m3 u' s, ?3 ?: X7 o& @
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466$ S8 u1 Y1 I4 o. n( n6 O; h+ P6 b
2.Adjusted mortgage balance' W: H# J( Y) v. B
300,000 * 10% = 30,000 downpayment
$ F% m% V$ Y' C) y 300,000-30,000 = 270,000 mortgage requried) o7 Q0 m; X1 x6 M- V# _" Q/ l6 b* e
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
$ s- R& N, z8 V" E; G" T8 X 270,000 * 2% = 5,400
4 Y6 v5 M4 B& x/ X/ d adjusted mortgage balance: 270,000 + 5,400 = 275,4008 r8 R u: C8 \: F+ F; V' D
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ j% C8 k8 E) H8 t! {6 @4. 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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