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Assume: House value 300,000
: C0 O+ l0 N1 q- b+ K) T, M5 z 10% down payment " J2 A3 f& D2 W# N. ]! b* F
25 years mortgage (25 * 12 = 300 months)
. }* E. p( K* P: u" N( v" S rate 5.24, A+ f2 h9 a6 }! o2 u
; _; ^0 t+ S& M8 `/ d# L" w
1.effective rate 0.43197466
: E) f7 H/ o1 p& }1 \ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 [# k6 ]! P8 P- \
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
( p( }4 Q0 N! s. @6 J: ~2.Adjusted mortgage balance
0 q) Z# F) j: _9 L' H8 k, @) s% t 300,000 * 10% = 30,000 downpayment# s, g- f# ~ }: O, L
300,000-30,000 = 270,000 mortgage requried
& i& S% [0 q/ S 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)0 J1 e/ Z' m) @' W. I& c/ J0 a
270,000 * 2% = 5,4005 v( i$ N0 P. s/ M. B
adjusted mortgage balance: 270,000 + 5,400 = 275,400
) I2 s2 a& v' l3 i3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment( X2 e0 a+ d- A& q- ^% ^4 e& D
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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狗仔卡
发表于 2008-9-25 13:29
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