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Assume: House value 300,000
5 k5 b0 [# g& b& J) X, q7 c, h 10% down payment
% {$ P( i `/ b, S: d/ m! D 25 years mortgage (25 * 12 = 300 months)6 ]9 c7 @$ P' D' U4 q1 r
rate 5.24
( l" |( x: M6 e+ ~) [7 U9 K: N" D- W" }+ z8 n
1.effective rate 0.43197466& q* A: ~4 b! O! D
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
6 `% ^. ?& w3 }) c+ b 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466- T' O% t( [: C# b5 `4 S f9 ~
2.Adjusted mortgage balance$ O, c+ ?* Z0 D
300,000 * 10% = 30,000 downpayment
7 E4 C5 H$ Z, [1 u+ d 300,000-30,000 = 270,000 mortgage requried0 n! o+ W/ {2 L4 V& J' d
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)0 u- F6 Z) x, V. f0 M
270,000 * 2% = 5,400
4 S% \+ L% i, f6 R4 H" J adjusted mortgage balance: 270,000 + 5,400 = 275,400
. ^. \7 M- G$ b' R7 U, q3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment- b& ~# G, I6 i2 f
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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