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Assume: House value 300,0001 o8 ]% p. Z' d
10% down payment : J0 d) m- a& r6 }$ t- M9 h% M Q4 S
25 years mortgage (25 * 12 = 300 months)( C: O `+ f- c. p/ P
rate 5.24) k) l$ [7 n% F6 ? ]- H
" U2 b4 A8 }% P- q
1.effective rate 0.431974667 l: X& O4 b# F! Y2 i
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. & t* H5 i; X$ f
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
. X# ~+ z& |1 H. o4 ~2.Adjusted mortgage balance* S6 I! e+ q% p
300,000 * 10% = 30,000 downpayment% a5 ^ b! N# Y/ h3 x+ z
300,000-30,000 = 270,000 mortgage requried. x. u {; D/ B" M A& @; N2 Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)- W$ A9 M+ {; c/ ^8 ]$ u0 O
270,000 * 2% = 5,4007 Z3 O2 p- { M5 | L
adjusted mortgage balance: 270,000 + 5,400 = 275,400: l. M6 m p6 z" E0 u
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
5 ? J" {) q ~" s8 }% d0 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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