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Assume: House value 300,000
3 x( p' K3 H" A1 G3 i) _ 10% down payment
" ]! R% ~5 G f0 y 25 years mortgage (25 * 12 = 300 months)% y0 R4 i2 d" D* z# H# y& K
rate 5.246 L6 R' |0 k) u1 L: V
1 E' u% J$ @9 M" H- o# Q1 y" q- O1.effective rate 0.431974663 m6 w! H1 s2 Q- s0 M
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
. T% T) W1 J* n; F 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
" p2 u1 k4 \1 l" z2.Adjusted mortgage balance1 U5 f3 Y2 z9 x
300,000 * 10% = 30,000 downpayment2 N8 ^5 ?# C3 h
300,000-30,000 = 270,000 mortgage requried
! ?5 V% J1 l3 d& v1 n7 t 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)8 d4 F- A; g! J6 A. T
270,000 * 2% = 5,400/ p( S8 y/ Y. b |( {) X
adjusted mortgage balance: 270,000 + 5,400 = 275,400( x; X7 V1 C8 R+ C0 _ ~# q( e' G
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment$ w0 ^9 ` ]8 S
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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