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Assume: House value 300,000$ |" l0 f1 d3 f; H& e
10% down payment
5 _" C8 f0 l5 [! a1 P 25 years mortgage (25 * 12 = 300 months)
8 d8 N- @' v4 Z. E& ~/ A rate 5.24% B+ W! Z1 [/ t' a
& C- P+ z! f+ H' R) ?& s. q1.effective rate 0.43197466
& w1 x6 c$ y. L$ z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ; m+ {2 g& e# k: j+ D9 j1 N) |8 ~
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 [+ S8 Z* w/ c" T; z# g/ `" Y' |2.Adjusted mortgage balance
, T+ Q1 r9 E. H8 b s2 `6 G 300,000 * 10% = 30,000 downpayment/ `, f2 F8 Z2 c/ P4 ?
300,000-30,000 = 270,000 mortgage requried- {# n' D. I- G( G1 L, k. `
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
( c- [2 P# x: Z) ]& D- w 270,000 * 2% = 5,400# ?$ V, u; Z3 V( @# w8 F5 n8 D* D
adjusted mortgage balance: 270,000 + 5,400 = 275,400
! S+ {- R+ s8 p3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
) |: l0 L; D, {- _) A4. 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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