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Assume: House value 300,000 J# {: b, ^/ T
10% down payment 3 l# V& M; B. n& J' {
25 years mortgage (25 * 12 = 300 months)
/ q5 I- p1 g% L/ B rate 5.24 ?- I8 Q/ n0 W Z* A, [, M
7 w7 H0 e) `- s* q$ {
1.effective rate 0.43197466+ u+ m& U" N7 T3 @4 K2 O7 v
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 X! \) k3 E( B; B2 l
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
, E: y3 V1 g, d; W/ |& ~$ [+ A; C+ O6 u2.Adjusted mortgage balance; @/ ~" k- p, s) o" b
300,000 * 10% = 30,000 downpayment
+ [4 B D! w0 f, H* ?+ ] 300,000-30,000 = 270,000 mortgage requried# `. {' F+ }# }3 i6 b- F
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
! N* l1 K9 y* ~$ N- y8 m& j" V 270,000 * 2% = 5,400
a. y$ n: U, i& l adjusted mortgage balance: 270,000 + 5,400 = 275,4006 q4 r1 E( d' v; \
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
4 O8 c) u) _9 p" \- s7 w" H4. 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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