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Assume: House value 300,0006 `* g" |7 ^7 r) K( B
10% down payment : O5 ]0 a4 m* _. O" Q
25 years mortgage (25 * 12 = 300 months)
* L: a) F1 m Z! M1 P/ u4 h rate 5.24% w- Z# u# M, `5 \/ v& y8 U
% Y+ e7 V5 {: Z' O% p
1.effective rate 0.43197466" c0 H0 u2 s- B! m
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
" c9 i" Y+ D/ [ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
; ^5 c5 F& Q D$ N l, i( ?2.Adjusted mortgage balance4 \: t9 a6 U( d) J5 D
300,000 * 10% = 30,000 downpayment; ^2 O+ x- p' V2 } O; ^. M; b$ S
300,000-30,000 = 270,000 mortgage requried
7 m$ M; p7 }2 z4 [/ h7 x7 ]2 _2 k 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
# q j% b! \2 f1 f) X 270,000 * 2% = 5,400# n$ n: p' m7 M) \# x8 \1 [: i
adjusted mortgage balance: 270,000 + 5,400 = 275,400/ c9 A8 ?" m. q8 h9 n+ u% E: @* h, a
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment- @0 P' B$ {- |) X1 X9 m( h
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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