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Assume: House value 300,000" i2 _5 e' \7 B
10% down payment
. i) j9 g; A/ h1 J; I+ ]" N 25 years mortgage (25 * 12 = 300 months)
3 {& C; U! L* q" Z rate 5.24$ Q, A' ~; w: n: Q9 D' c d
1 Q& Y+ T6 v+ f5 x' t
1.effective rate 0.43197466 U& s4 \7 h1 D3 L) E# l' s
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
' p/ x* E, G! R' S# O2 _ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
. B9 t/ a7 D# t* L0 c& x8 q2.Adjusted mortgage balance# h, R0 w& A9 I! u( j ?
300,000 * 10% = 30,000 downpayment) A5 x1 s- c; g/ m e1 X6 _. i! H1 K2 A
300,000-30,000 = 270,000 mortgage requried$ }% X, E, u. ~) g0 l( Y
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
! q! ]1 O4 ~3 q1 ~$ `$ w7 M9 k 270,000 * 2% = 5,400
s' B/ y8 l" b adjusted mortgage balance: 270,000 + 5,400 = 275,4000 k9 z' M! |6 `/ y9 M0 X/ |
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment; a1 a/ ^. a- q5 a) g9 x5 X* Y
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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