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Assume: House value 300,000
. d; u8 g9 o9 j2 Q0 y }5 F 10% down payment , y& c) o9 a6 o- C& d; U" h
25 years mortgage (25 * 12 = 300 months)
! }4 o3 t& x1 h+ u* @- R- w5 I3 z) Q rate 5.24
1 k( }: r3 e% ?* F8 c7 {8 X. w9 L% {" H; M. ]+ |4 I- k1 B: _
1.effective rate 0.43197466
6 [% V* x$ ^4 n0 P7 Z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 5 c& `) Q8 ^0 z* I
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466" O1 g1 x5 G5 i& g
2.Adjusted mortgage balance% q7 c0 S/ J9 x
300,000 * 10% = 30,000 downpayment$ B1 R7 n2 k0 m! t1 K5 X+ o
300,000-30,000 = 270,000 mortgage requried2 B3 s. L3 ?# B2 }
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
$ W/ @2 Z- m# ^2 g g8 [! b G: s 270,000 * 2% = 5,400
0 L9 h* b% X) @! V1 s i adjusted mortgage balance: 270,000 + 5,400 = 275,400% k( @( K9 E w% Y
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment, I* g8 _8 [# c7 u
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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