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Assume: House value 300,000
; J( ^- a' n- N) P+ r7 P 10% down payment
' F3 n9 @( [) G* ^( P 25 years mortgage (25 * 12 = 300 months)3 q2 w: O' H( C' V6 Q- u
rate 5.24( N7 o8 U* d6 r
8 x8 d0 ^/ y( l9 J7 q
1.effective rate 0.43197466. |6 P; n. [) J$ `- N2 q R
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ( h% B# V. }* r2 U
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
+ S/ ?0 C0 V" {5 ~( G2.Adjusted mortgage balance
+ Q2 ]8 m5 Y+ i4 `! |9 h# i( Z 300,000 * 10% = 30,000 downpayment! }) Y# U4 x) j4 }" i: Z
300,000-30,000 = 270,000 mortgage requried
! j6 k; g: q" L/ W/ f* a$ {) o 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
3 ^* p) D- z; i. z: s 270,000 * 2% = 5,400& d0 K' U$ P# y2 t: _6 }4 q
adjusted mortgage balance: 270,000 + 5,400 = 275,400
4 b$ }5 I9 T' c X* O3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment+ w6 r8 u2 u6 J; Y- Y/ O
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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