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Assume: House value 300,000, q2 ~; n+ o) e* G7 b
10% down payment u( K" _( y' R& V6 l9 e/ f4 S: V
25 years mortgage (25 * 12 = 300 months)
! x, s8 m! }4 q$ z* T/ m rate 5.24 b6 r% j" K1 U) s- _
% Y5 ~; j+ y, h) y) ]/ f1.effective rate 0.43197466
2 ], e, E G5 R- v. r: g in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. : Z. e5 T/ Z& V. P
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466. |3 J$ T0 J h5 |
2.Adjusted mortgage balance
' x, P7 h2 _' ? 300,000 * 10% = 30,000 downpayment
, R0 J# T+ X, ~( s u 300,000-30,000 = 270,000 mortgage requried/ e, Z8 b- b# _ y' d8 @6 I
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
, R4 _/ z( d$ Z% S2 q) g 270,000 * 2% = 5,4005 B8 f0 I s# X7 N5 j- Z/ _
adjusted mortgage balance: 270,000 + 5,400 = 275,400( J- J5 ^% y0 \0 x7 I
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
9 H2 J& R9 C$ {& {% R4 C- a, i4. 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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