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Assume: House value 300,000
6 t% b& ^( P$ }: F 10% down payment 0 T7 h# O/ y% L/ y( h
25 years mortgage (25 * 12 = 300 months)8 O) F5 H8 V0 G% a" d; F. d2 }6 G' Q
rate 5.24; k) G7 }1 J) Q/ V8 b5 F; ^4 |
6 K: O/ q$ q' L' D
1.effective rate 0.43197466, e3 R7 y; J* ]; n. Z5 D+ a
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 5 c3 S0 r' j# t0 r9 j
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
' W V# X4 `5 E- x; S8 f' M2.Adjusted mortgage balance' {; K/ g3 W3 j1 U5 k6 B; z5 b c
300,000 * 10% = 30,000 downpayment/ y9 s3 E8 `( g
300,000-30,000 = 270,000 mortgage requried, l1 |5 R7 Y# ^, t9 b/ e; R& W; Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 o" N! i3 y% x, e4 O/ z
270,000 * 2% = 5,4008 _6 J& ?* `7 [
adjusted mortgage balance: 270,000 + 5,400 = 275,400
* D @" Y; K* A( i% J% e& N3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 A4 M. g: U1 `. t& a
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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