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Assume: House value 300,000' c' b& Y. {/ D2 w2 @4 L3 ]* s
10% down payment ) v2 `. q6 [# V
25 years mortgage (25 * 12 = 300 months)% U" u" p) x* T# S, h6 \% K: i
rate 5.24. ]/ h6 d) e( ?2 M
, B. [* k# s0 f$ f1.effective rate 0.43197466
) h# K5 N: F0 l. x9 M9 h: q# ~ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
2 F: k0 [2 a; [# q. X( T% F* j 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
& R! T! q2 i; h- J' q ?2 z2.Adjusted mortgage balance. ~. n) r0 w: |
300,000 * 10% = 30,000 downpayment
x( V1 \. j( x) r( y5 V! P0 ~- M 300,000-30,000 = 270,000 mortgage requried
5 w* t0 E' w$ y) C 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
1 U& M, @% ]% x 270,000 * 2% = 5,400/ v' a7 w3 `/ y J* _0 A
adjusted mortgage balance: 270,000 + 5,400 = 275,400 D7 Q _5 k8 d* v$ N+ W
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
5 [& Z: ] i7 I) b% [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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