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Assume: House value 300,000
8 v' K6 K+ d; U7 R! A" _ 10% down payment 9 k/ \5 G5 x9 o% \/ w( A
25 years mortgage (25 * 12 = 300 months)
- C7 @, G; t. \- J: x* ~ rate 5.24
! M5 Y0 X$ ^; l! b" E/ s* F. z- G: F) v
1.effective rate 0.43197466
; ^" P) o2 y: \2 z' |$ z" r+ F in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 ^/ W/ I& b3 V9 i( u 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
[+ Y7 K3 `0 H! q: p8 e+ A' w( ^2.Adjusted mortgage balance5 j9 q" s% U! p* g- `0 S
300,000 * 10% = 30,000 downpayment$ E: W( J B0 C3 M$ n
300,000-30,000 = 270,000 mortgage requried
: U+ j/ p6 _0 {- n 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)) A3 c- p6 b' q+ u( k h$ U$ S
270,000 * 2% = 5,4008 M: G$ i, s9 |% O
adjusted mortgage balance: 270,000 + 5,400 = 275,4000 n0 c7 k# }7 ^9 }2 G
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' N' b' ]; u- q$ Y, ?- ?" k
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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