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Assume: House value 300,000
* f, }* Q: ]% k' t# w; z6 ? 10% down payment 8 k# G! p- i6 d% P) b
25 years mortgage (25 * 12 = 300 months)
. o1 d, E0 i& H6 ?9 @/ \ rate 5.242 |% U. k5 h; h. A) x* k6 v. ?
`2 i1 F) b* ?2 J1.effective rate 0.431974665 X' E5 h$ t: r3 V
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 2 [+ ]/ ] d/ [) A- r
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
' @6 s& m1 z; X0 ~2.Adjusted mortgage balance
. R% B. P2 Q$ c 300,000 * 10% = 30,000 downpayment g; ^4 f, d2 `
300,000-30,000 = 270,000 mortgage requried6 L5 m* J; _" d0 S' K: P# [/ w% K* W
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)% k) ~- f- [+ s) _% K
270,000 * 2% = 5,4000 t: {8 m9 e; T: ~6 J
adjusted mortgage balance: 270,000 + 5,400 = 275,400
. [% v5 G: d. C' U3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment# Z: M" `% O. L( o. G! c Q. F; k
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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