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Assume: House value 300,000
: t+ E4 S3 e$ ~. {) h& B 10% down payment & u1 X0 B) a% U5 T* R/ {
25 years mortgage (25 * 12 = 300 months)
! C/ v. p) M0 ]! o rate 5.24
" B+ |1 G7 |( K2 p2 G1 ]: ]( \7 s0 w; y$ m4 a$ H" S3 j
1.effective rate 0.43197466 k, Z+ K9 G2 S5 @4 t
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. U- ^( Q( r; `. n7 \
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466. o |. p% q& Q% b s) G; D! X) x0 q
2.Adjusted mortgage balance, O" J% T4 _0 G1 P$ s4 X
300,000 * 10% = 30,000 downpayment5 x* }5 y+ D6 Y% X( a
300,000-30,000 = 270,000 mortgage requried- ]& [ ^$ j0 \$ A
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 m" E5 {" A2 W( c
270,000 * 2% = 5,400" W* e1 A( f& t+ r* p: r& n
adjusted mortgage balance: 270,000 + 5,400 = 275,4002 ?' L3 i1 s. L
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
& W7 D: ^6 F6 [' o1 r4. 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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