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Assume: House value 300,000' u+ i: X7 z4 g3 F4 O7 ]9 d
10% down payment 0 I8 f+ V! ?& K; y7 H8 S1 O
25 years mortgage (25 * 12 = 300 months)$ X! l4 ^5 k6 Y! |/ a( t& c
rate 5.24
6 P- p/ I& s4 Q. v! \. t* S8 ]2 V# U1 I" V) _, S) ]
1.effective rate 0.431974661 j C: ~; z9 e3 T3 ^. S
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. , |2 s( ~0 b8 ]
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974662 z! B$ u2 z2 R, q
2.Adjusted mortgage balance
. d) l: C! e4 W 300,000 * 10% = 30,000 downpayment4 b. h* n! I+ Y- a8 R: k, G D
300,000-30,000 = 270,000 mortgage requried. P) s0 x9 V8 b2 a5 z
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
; N9 V# Y7 Z# a5 M( \8 Q 270,000 * 2% = 5,4002 k D4 b6 r8 z# W. n
adjusted mortgage balance: 270,000 + 5,400 = 275,4002 f3 A+ Z) F# O4 t7 \8 }
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
7 T6 W; j7 X+ g) M! O u# h& } `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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