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Assume: House value 300,000/ [1 o# K' q8 [: y: T, _( K
10% down payment 6 t, B/ N4 r5 Z) w" w6 O" R) J8 [
25 years mortgage (25 * 12 = 300 months)3 K. s2 o2 l6 {7 ~2 N' T. x# @
rate 5.244 A% j7 l( Y8 O s" ^
6 S# c& w+ T# h" e1 S( y3 H4 b: ]; @0 R
1.effective rate 0.43197466
! T1 R; s! J6 v. B7 E+ p2 O c in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. & \& T' L' Y2 m0 K
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
1 e' ~0 S. d9 G! q2 i, n9 g. i2.Adjusted mortgage balance0 O5 x9 z' p( j' n" ?4 L" f
300,000 * 10% = 30,000 downpayment
9 S/ H0 s% D3 l/ Q( \; O9 o5 t 300,000-30,000 = 270,000 mortgage requried' x5 f8 w# X, S A+ W5 O
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)4 N5 P4 b( b% K$ d! ~/ y
270,000 * 2% = 5,400; _' U' q; X* [ m4 k
adjusted mortgage balance: 270,000 + 5,400 = 275,400
8 V' y( m" ~+ t4 o( |# f. S3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
1 J4 n! Q7 P. p7 p; f4. 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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