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Assume: House value 300,000 L4 n$ q# f( \0 F$ U. f7 R9 d6 f7 ~
10% down payment
* X$ R5 [: x! x' I! @" ?- K 25 years mortgage (25 * 12 = 300 months)
( m; _" q5 r! p rate 5.24* L- ^. S0 A; c% ^% C; b
1 I% }5 o+ I( b: z2 M; b: G0 _
1.effective rate 0.43197466
0 H7 d. d3 k7 \: ]% \- P" D in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 0 y0 x% g) W1 I2 k5 |
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
" q% W; U6 G& g3 A2.Adjusted mortgage balance7 M/ w+ A& g' H0 G8 \) }
300,000 * 10% = 30,000 downpayment$ F+ a6 Q0 H9 P
300,000-30,000 = 270,000 mortgage requried- w4 p: I, D7 _
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
5 u( z) r) ^. k% e& `8 l1 r2 ? B 270,000 * 2% = 5,4005 K" o/ Q3 K9 P' T
adjusted mortgage balance: 270,000 + 5,400 = 275,400% @; W% D7 |0 U+ }+ P
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment ?+ B8 B! [2 H& y
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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