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Assume: House value 300,0006 M8 ^. l4 U8 N$ G# Y% S
10% down payment . t; u1 D2 a, y O5 Y- K1 @& x
25 years mortgage (25 * 12 = 300 months)1 Q/ |4 h* g. V4 ~/ ^' d$ v
rate 5.24% D# C$ k" e2 B9 b$ }
$ Q, O7 ]' {+ j; K# j0 u2 n1 Y1.effective rate 0.43197466# q& }& Y7 X: T7 _0 r$ ?. s x
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 h4 Q9 }1 ]9 k4 j7 M 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466# e# I' P( L3 j
2.Adjusted mortgage balance
e& Q+ g# R" D; d 300,000 * 10% = 30,000 downpayment
% `- ?) G1 O' a7 V q; y) X& {, D 300,000-30,000 = 270,000 mortgage requried
9 j/ a$ M- v$ Y4 B 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
! M: l4 y( A3 p' u 270,000 * 2% = 5,400
6 y9 @9 O- I7 a! }" o2 a; T adjusted mortgage balance: 270,000 + 5,400 = 275,400
{ f2 J8 O7 R+ N9 @3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ o* Q" ~2 [. f/ ~6 V+ E4. 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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