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Assume: House value 300,0008 I7 s; L6 G5 O" z/ S2 c
10% down payment
7 P6 m6 j! k# f9 D( P% b4 K 25 years mortgage (25 * 12 = 300 months)0 B& e6 \4 @; v/ G
rate 5.24- M9 E- a9 g+ I
; L7 _9 A0 S+ T& T( T% T1.effective rate 0.43197466( |5 V1 w, V( m
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ( T' t9 @8 N! Q1 A$ }/ S& c9 b
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466* t! x* p+ q1 a( ~; c3 A
2.Adjusted mortgage balance
6 r5 }8 d$ ?' ]4 ?) C 300,000 * 10% = 30,000 downpayment
( N3 @1 H; G3 T1 k9 `, K 300,000-30,000 = 270,000 mortgage requried% T7 ]4 n7 q2 K* q5 D; m1 {
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
, Q* D; l9 ]2 E 270,000 * 2% = 5,400$ J/ C) \7 M3 _( o- H6 o
adjusted mortgage balance: 270,000 + 5,400 = 275,400
, D6 f! `2 W' O& J& v3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
" X8 A2 i7 A; O5 p. w4. 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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