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Assume: House value 300,000
, f5 r* C/ e6 B0 E9 e0 | 10% down payment
% Q. w# [ A7 u 25 years mortgage (25 * 12 = 300 months)) g& \# c% {8 h
rate 5.24$ R$ ]. W" b+ B
9 k+ l3 r1 F. W% f, o
1.effective rate 0.43197466
! U: a2 T4 V" a! S- D H in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 o- G3 r7 q8 o/ a% U7 `) K
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 L6 ~" n; [( E. D Z. x- u2.Adjusted mortgage balance$ [, J" O4 u# d% s) v( u h; X2 |1 V2 e
300,000 * 10% = 30,000 downpayment
# A8 O$ p! W9 G, b2 g; T, R 300,000-30,000 = 270,000 mortgage requried
2 G: Q) e4 @. |/ f 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
: m, |, j x$ r/ a* D9 _ 270,000 * 2% = 5,400' L1 D8 n, Y$ _# ^9 I5 @
adjusted mortgage balance: 270,000 + 5,400 = 275,400
6 R! F- r. L. N# d9 k2 Q) M7 t3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
; }6 j; T' E, Y/ B* z4. 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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