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Assume: House value 300,000
4 s2 x9 {: E) k3 W 10% down payment . y5 x9 `& k2 n3 W: R+ l
25 years mortgage (25 * 12 = 300 months)
* _2 n9 Q5 e) X) G2 m% { rate 5.24
' R1 d% N5 O. L8 r$ ^1 ^
1 | f5 d/ s1 a7 H3 h( P$ B1.effective rate 0.43197466
5 j, `8 ?; t' Q4 I* f2 R in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. : V0 j% ?; Y/ J' k0 T+ T
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
! `/ V4 t2 M& t, c: k% L1 ]2.Adjusted mortgage balance0 a7 `. S$ k/ ?& }0 t" G
300,000 * 10% = 30,000 downpayment" n: h& i. t$ s6 E3 k
300,000-30,000 = 270,000 mortgage requried9 ?0 b; r# C' v7 t+ R, v
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
/ E# ~ s5 I4 Z# E" m" h+ H 270,000 * 2% = 5,400
- ^/ C; E. H% e0 r adjusted mortgage balance: 270,000 + 5,400 = 275,400' \$ V% ]0 W/ ~0 o6 I
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- }, }9 |5 W! u' }3 B4. 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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