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Assume: House value 300,000& v/ q1 P p! j6 l8 H; I% t
10% down payment 6 {/ J. p3 ?& i( c9 I8 R/ y! |
25 years mortgage (25 * 12 = 300 months)5 `3 S- J" K; I' e, _# f
rate 5.24
3 r2 X1 R3 O2 _ k
% Q! E- Y; I3 M; |& v9 ?' a. Q1.effective rate 0.43197466
( `+ [' b1 v2 k3 j1 J6 b in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 D5 ?3 z+ M3 }* |6 a0 f* b5 f& m
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
- u; f; D- x8 i, y. i% e2 S( k2.Adjusted mortgage balance6 v5 U) L) ~. }; V
300,000 * 10% = 30,000 downpayment
% W7 Q$ l3 J" ^5 v6 _7 n. } 300,000-30,000 = 270,000 mortgage requried: E7 E w2 @( r1 E- L3 L" ~
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)- K0 @) V: z+ O- ?
270,000 * 2% = 5,400
6 o/ f; ~5 [6 z6 P& _! r- N8 |: z adjusted mortgage balance: 270,000 + 5,400 = 275,4002 [5 _, N) t1 `, ?# S# U5 D9 _
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment: l5 W0 v( y3 V, K9 j. T
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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