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Assume: House value 300,000
# b" v* @* o# Q/ d7 ^8 L0 Z" l 10% down payment 2 z& ?2 U3 A* [3 `4 } N9 {. m
25 years mortgage (25 * 12 = 300 months)! L: H6 j" W0 g- k* S4 t* |7 P
rate 5.24
' z* A" `& B5 ^, `/ z W
4 S! j/ D0 l2 M5 O Y* J8 O; c1.effective rate 0.43197466
/ G/ Q+ Z, i3 ]; J in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
& J: Z8 I" ]+ ]8 h) X5 _1 ^3 a$ ] 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466' |1 P1 Y0 b1 h" z. c( X; ~
2.Adjusted mortgage balance
/ X0 Z. x/ i& w0 V, a' D1 A6 b+ \ 300,000 * 10% = 30,000 downpayment9 a+ `! w7 y7 H* Z2 S9 U5 o5 O
300,000-30,000 = 270,000 mortgage requried
3 j5 W b: Y4 i6 p 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC); Y5 @/ C* J4 E' x6 u
270,000 * 2% = 5,400
- `/ L9 b F+ g o7 }. p& D9 U adjusted mortgage balance: 270,000 + 5,400 = 275,4002 X, c# Y1 T6 b U1 c! [
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment6 P+ R+ [, u5 C% M* w, J6 J
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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