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Assume: House value 300,000# q2 T f- h4 f3 ^6 C; ^% `0 u* E: B
10% down payment
$ i) ~ \0 n" ] 25 years mortgage (25 * 12 = 300 months)4 ~5 O% m2 ?# T5 I* E: J+ W
rate 5.24+ U# L3 ]) P5 N
0 B4 `+ g& P: ~" O5 q0 u* b' q! ?
1.effective rate 0.43197466
" F( u' l" \9 e+ l+ Q in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 k: N7 Q; s( ^" r) D5 Q
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466: _# W) V5 q2 d0 {; r7 ^7 [+ L7 F
2.Adjusted mortgage balance
, I9 W1 j4 L6 }$ ^* g7 ` 300,000 * 10% = 30,000 downpayment7 U3 v! D9 P- X' c6 {
300,000-30,000 = 270,000 mortgage requried- E- M, k8 _( N7 z5 s
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
5 ]7 ^! L. u% K$ r 270,000 * 2% = 5,400 \9 }! `& I; @2 f8 ^6 E) C
adjusted mortgage balance: 270,000 + 5,400 = 275,400. D B( p: T2 m9 P# b2 A; i, r% C
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 V% U9 M! e( |+ J0 O( K- w5 ^
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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