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Assume: House value 300,000
7 S$ B6 o' ^- p2 l 10% down payment
% k7 l5 n9 W2 w' W! K 25 years mortgage (25 * 12 = 300 months); O! T9 i( \: d
rate 5.24
+ ?/ z% W7 E8 A; p9 o) A( W9 X
" G* e8 E1 l% r$ N, v& k1.effective rate 0.43197466& i7 Z2 p4 J G: d
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
, v8 I6 |9 m7 o 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
8 o! p4 W3 r& R9 U( L2.Adjusted mortgage balance
' C9 y" R { [. n 300,000 * 10% = 30,000 downpayment
8 Z+ n$ @0 c3 s 300,000-30,000 = 270,000 mortgage requried8 g" G$ K) T; ~7 l1 i
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
! h8 M9 S6 S( f9 s, L+ ] 270,000 * 2% = 5,400 B. J2 e2 M7 g O% q
adjusted mortgage balance: 270,000 + 5,400 = 275,400' x+ A X0 [, X9 |: h6 N
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment. x C7 w1 ]: r' j( J# ~+ ^+ `
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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