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Assume: House value 300,000: j! E$ f( x( ~& V* d4 N M9 }% n
10% down payment
% r$ p5 K" K3 p6 q1 \, R# L 25 years mortgage (25 * 12 = 300 months)
0 g- x$ I7 k6 _4 p' k rate 5.24
' i8 e, q/ f, ^5 f! A0 |% f% v. g
+ L& f: x4 O: E3 y( _! W5 V1.effective rate 0.43197466* i7 J) f) ]6 v
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 9 _$ q7 @5 u" q1 W8 Q4 A. t$ x q. H& }
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466$ R& s) Q9 B% H4 c; W& w% R
2.Adjusted mortgage balance8 ?5 {/ C& B: S
300,000 * 10% = 30,000 downpayment: X9 h8 N/ l7 |& v
300,000-30,000 = 270,000 mortgage requried
. u, I6 m& q9 _. w 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
- j; Y Q" J0 H1 P 270,000 * 2% = 5,400
& _: J/ c$ s3 w! J3 K adjusted mortgage balance: 270,000 + 5,400 = 275,4001 M" u1 @0 Z s4 G) P: d
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
6 _7 s8 _" r5 ]& @0 M) s8 F4. 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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