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Assume: House value 300,0000 g# Z- H' p9 A! w/ O
10% down payment
8 G. M; _7 i+ L# P' } 25 years mortgage (25 * 12 = 300 months)
4 H1 f; [5 G! M rate 5.246 g2 J% A6 `, M* u9 D) g
9 r G# {7 h. \8 D! u1.effective rate 0.43197466
( n: U* m, `6 _8 h) [2 W0 B% v in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. % g# l) ]5 ?: A
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974668 M# d% ^9 d/ v8 D' P5 R
2.Adjusted mortgage balance: t+ A* ~+ c& n4 c( }" i( o
300,000 * 10% = 30,000 downpayment( {, p2 a1 C1 s7 K0 E; O2 v- R
300,000-30,000 = 270,000 mortgage requried
$ s- x& U8 s$ q9 J) ]$ j 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
* ?' a/ c) t4 B; `, S: ]" B+ P 270,000 * 2% = 5,400
( d8 g6 N0 k$ m8 J! s3 p adjusted mortgage balance: 270,000 + 5,400 = 275,400
% L- Q- p& I4 Q3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ B/ O: S6 M: ^0 S7 _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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