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Assume: House value 300,000
- s: [9 i$ ? r 10% down payment
- v7 k0 W! B! x3 Q; S" m 25 years mortgage (25 * 12 = 300 months)
: d. ^2 v; ]8 P rate 5.24: p! {7 K0 `4 b$ N5 P# L3 T
7 d% _, J/ s$ V; h/ v& I1.effective rate 0.43197466
0 q+ @ E( S/ `6 w) `) \ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. / J6 d0 N# a1 L* T$ {& k
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466, Y# g: C9 ?2 t- \3 U5 ^6 X! ~
2.Adjusted mortgage balance, A( L$ y" S3 D* F
300,000 * 10% = 30,000 downpayment
' Y3 e# o2 r# @/ w# M+ g! [ 300,000-30,000 = 270,000 mortgage requried
, S& ?, F: |8 x 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
/ ~" k* [/ h# I4 x) D 270,000 * 2% = 5,400# A& l0 k/ e) |
adjusted mortgage balance: 270,000 + 5,400 = 275,400( l$ J- v( |6 b- `0 Z( v
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- y, f& c# \' w8 a5 m3 y4. 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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