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Assume: House value 300,000' L$ k2 o* j& }+ ^* S
10% down payment / F) T8 ]3 H; G# c
25 years mortgage (25 * 12 = 300 months)/ L) e9 t; {# L" D9 t8 i( o9 \
rate 5.24
o; J6 |6 p* l2 d0 b7 B/ q8 q7 [: N! L X/ g9 u2 ?
1.effective rate 0.43197466) s$ G( |3 G9 r
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
" a- F$ T2 w4 \& { 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
% U5 q( }6 A7 g; g l2.Adjusted mortgage balance
# n4 H7 | r8 X. ]8 p 300,000 * 10% = 30,000 downpayment* U8 f8 E r& f: S0 l
300,000-30,000 = 270,000 mortgage requried
3 N* }$ Y( `1 F/ T* N 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)# v9 b7 R5 k G( ?
270,000 * 2% = 5,4001 w% Z3 O9 X6 ?
adjusted mortgage balance: 270,000 + 5,400 = 275,4001 [. ]; M; ]. l7 S: W5 P" Z3 T R
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment, R1 |! b# Y) p; G8 Q( q! X
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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