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Assume: House value 300,000% f1 X# @4 m3 M) n$ e K" ~5 P
10% down payment % P3 A$ q" ~5 x0 s
25 years mortgage (25 * 12 = 300 months)$ q" Q+ @. L) w7 T
rate 5.24
2 J- ^* [8 c- p7 L7 A+ M, H9 }' ]1 j' l/ F- P0 W2 h4 E: x4 E
1.effective rate 0.43197466/ [& X |! N5 h! p% ~( b7 D
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
% t% K! y( G w" ?: Y, ?9 m 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
Q `$ _+ k- s0 J2.Adjusted mortgage balance
. V6 W& u$ q+ f 300,000 * 10% = 30,000 downpayment
) R: b. E% ?. A: x 300,000-30,000 = 270,000 mortgage requried
$ ^; [, h: s8 j7 ^ o 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)6 {! X( y0 D K, N1 T/ ]6 L3 Y
270,000 * 2% = 5,4006 {4 X! [3 F) C# R, ?' ~/ E1 Y
adjusted mortgage balance: 270,000 + 5,400 = 275,400, p" s3 L7 m' c: H7 ^
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment9 R5 u! h: \9 s
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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