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Assume: House value 300,000. F" U+ H& Y2 H' t! l( ]
10% down payment % T$ t3 Q2 Q2 a$ g6 y
25 years mortgage (25 * 12 = 300 months)
) b7 V U7 N, b9 j* |1 ?; d/ \ rate 5.24
. T; L- @1 P; t( x: X3 }1 e
6 P5 Y0 |2 e% F4 ^+ W, F: d1.effective rate 0.431974666 _5 M* b% J5 d Y+ t# I7 g4 q
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
, j' u3 J/ ~5 ^2 g# g9 N$ G 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 B8 F" Y6 P0 q. X4 W( J6 C3 e2.Adjusted mortgage balance" |* N' q( x' C4 ?% h
300,000 * 10% = 30,000 downpayment# v1 \* ]$ i% X6 z1 M8 |
300,000-30,000 = 270,000 mortgage requried
( m6 n; }6 D; i# M& w& S 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
% B1 p6 Z/ w9 A8 ^ 270,000 * 2% = 5,400, P- S4 A8 C4 ?* h
adjusted mortgage balance: 270,000 + 5,400 = 275,4003 q, }2 J# I5 N3 w& K, G% y
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
9 l8 e4 i, \# q, 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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