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Assume: House value 300,0003 i1 m" h2 u# M& L$ l
10% down payment 8 O1 z( n( v/ `) ?9 `
25 years mortgage (25 * 12 = 300 months)5 }) N$ }! n G+ f7 b
rate 5.24
) ?9 A- z( y+ f) U, O2 O9 w( ^+ y) P! s& g9 Y
1.effective rate 0.431974663 L! V0 J! Z- U- l5 M% W
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 5 i) W1 w* r2 O: `% m: F" M
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
1 [4 Y3 Q: y8 M) ^4 ` ]2.Adjusted mortgage balance& t; y" {, @2 `+ j& ?" G( G+ ]
300,000 * 10% = 30,000 downpayment
8 z! Z/ o5 J5 x- D5 G. P y; O 300,000-30,000 = 270,000 mortgage requried3 ] b# L+ b; k3 Q0 K7 q" |2 l4 u
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)# j- h, i( U( B3 i6 f7 B
270,000 * 2% = 5,400
) g& C$ ^. A3 y9 n( U; { adjusted mortgage balance: 270,000 + 5,400 = 275,400! e' g2 O$ V4 P; k2 M
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
- B0 m! e6 b, J( I( T1 y4. 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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