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Assume: House value 300,0003 v- y4 Y5 m1 P- i0 [) ?: r
10% down payment ( n% Q3 W" b$ ?
25 years mortgage (25 * 12 = 300 months)
0 S& i) Y; s: p3 A4 g9 j rate 5.240 k# E5 l" @* k4 @, H; i0 E
0 U6 T1 D( I4 j9 n! x) l/ J& P
1.effective rate 0.43197466
2 R/ y; T) k" R7 l5 U6 { in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
" F3 i+ w& B8 G# z& I 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
# Y0 r% |* @+ r, I6 u5 w. f2.Adjusted mortgage balance! e! y' t' @$ z' k
300,000 * 10% = 30,000 downpayment
: L! b5 t4 d" z+ h4 {! {" C 300,000-30,000 = 270,000 mortgage requried$ L% G7 r; Y: n" q' e
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)4 L+ I7 ~' n) a7 q( ^
270,000 * 2% = 5,400% G7 ?9 c* t: V( ]8 P4 X% \
adjusted mortgage balance: 270,000 + 5,400 = 275,4005 a7 V4 i& g- d. S* i4 y
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment+ S7 {8 ^+ W7 i
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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