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Assume: House value 300,000) H/ c; }8 u5 C' ?
10% down payment
+ J" Q8 y$ l! i8 l8 c 25 years mortgage (25 * 12 = 300 months)* h: e' N) |% C: J) ^
rate 5.24
& d3 h8 O$ T5 M8 O* W3 V v
* h) k- X' L; j" o! {1.effective rate 0.43197466* j3 F& Z* D4 J( x
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. & l# \/ `( e: }) b5 }) O0 _
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
! X; @# v7 P$ m/ U2 f# m. j! x) M2.Adjusted mortgage balance
# M3 n+ v, L; b9 u& \! v- r A" q 300,000 * 10% = 30,000 downpayment
6 S- a4 c: _- `2 F# Z3 L 300,000-30,000 = 270,000 mortgage requried' M' e9 t- F& ]& @. E
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
& @8 B5 F$ b B) ~$ k1 W1 {; ] 270,000 * 2% = 5,400
0 N: `$ Y# @9 V adjusted mortgage balance: 270,000 + 5,400 = 275,400- p0 p% O/ o8 x% a) ^, D( i. S
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ @3 b) f+ u) h% t6 }$ K4. 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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