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Assume: House value 300,000
' L% v# ]5 \* _/ K; ~* L! r 10% down payment 9 @: a! z( g7 F1 K; c6 S
25 years mortgage (25 * 12 = 300 months)/ u, d+ o7 J3 O! C3 A
rate 5.241 ?/ d7 s. G+ m# u4 o$ y. y
9 w* Q+ }2 L3 p C! I. K1.effective rate 0.43197466
* O& r% o) `! ~; H in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
9 ^2 x+ G0 G+ @/ A* T0 t 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
' M4 O) F& d" ?2 N1 D2.Adjusted mortgage balance
4 }, R4 I( D+ V& ` 300,000 * 10% = 30,000 downpayment
$ ^0 m, Y* z6 B3 m2 t4 F6 } 300,000-30,000 = 270,000 mortgage requried- S+ c0 s2 {9 ? ]) R$ I
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)3 Z# j) z4 N8 X; F7 X& @
270,000 * 2% = 5,400( @/ l/ T5 E+ Z7 O# b3 v
adjusted mortgage balance: 270,000 + 5,400 = 275,400
* K5 k' @% ^ h4 j3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment5 N5 C9 m3 x% v0 r5 J t+ K @5 A
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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