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Assume: House value 300,000- I9 I7 E- ] b8 q6 [& ]( `
10% down payment
) t9 }2 @! Z* A& R. }3 ?# s 25 years mortgage (25 * 12 = 300 months)7 Q& v' l3 W N2 {
rate 5.24
( o1 Y. g, r: M9 E
) B* L, M' W, Q7 C6 F, b, N1.effective rate 0.43197466; A) ~4 m9 L* L& c1 E
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
5 j- F. d6 G* Z$ N1 }, f/ \4 [ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
4 Z( H& o5 x. K' {/ [! p2.Adjusted mortgage balance
5 Q8 |4 l9 Q+ l; D& {2 O 300,000 * 10% = 30,000 downpayment
8 J/ l! Q' q+ B) ^0 x z2 R7 H 300,000-30,000 = 270,000 mortgage requried) ] R7 | j) _% q% Z
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
' E9 e; N/ M$ }' s) w5 z$ E 270,000 * 2% = 5,400
& J% h! H) H' l# z6 \) C0 f adjusted mortgage balance: 270,000 + 5,400 = 275,400& v2 a3 D8 I* t* V6 e0 m7 H
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment# f5 ]$ _# ~: h7 _
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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