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Assume: House value 300,000. |+ }3 [9 S- U
10% down payment
1 w0 W- z+ |; d" l/ a4 X 25 years mortgage (25 * 12 = 300 months)! ^9 n$ W, A- W8 ^
rate 5.24
% }9 p5 p# t1 u6 l2 R' S9 g
- ~1 b8 v( [0 Y$ u2 Z1.effective rate 0.431974665 m3 q% Q2 K" b2 H/ B
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 U' Q) C0 R5 M& E; V" O
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
/ |; q+ t+ i8 t# @2.Adjusted mortgage balance) \4 Z1 t r/ t) C
300,000 * 10% = 30,000 downpayment
: i6 |2 \ b9 |0 V9 [: g I) o. i6 [ 300,000-30,000 = 270,000 mortgage requried, g+ D" y8 n5 D
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
- w8 H, ?3 Y6 J& E6 l 270,000 * 2% = 5,400
) T& Q+ z- y1 T" R" y' w+ n' J adjusted mortgage balance: 270,000 + 5,400 = 275,400* r* Y% b( ~3 R- Q9 o
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
$ q: y) b+ `7 u! c4. 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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