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Assume: House value 300,000
: |1 @ R/ l& I5 Y) v 10% down payment
$ I1 K; W% ?2 W/ T5 V' B# }& d 25 years mortgage (25 * 12 = 300 months); ^! w% C9 m: _ ~
rate 5.247 x4 @5 v: m4 B. H& s$ k
+ a' d9 j( ]: ]1.effective rate 0.43197466
2 w# F% z* a9 S0 v in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ; _/ F, o& Q2 A/ Z g& B+ c
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
$ R( [3 W. P/ k+ ?2.Adjusted mortgage balance
8 N; R( s; X; N3 M3 z2 O 300,000 * 10% = 30,000 downpayment2 H$ s S' |# l) S# ^! Z' w# |
300,000-30,000 = 270,000 mortgage requried3 `- F" i. U3 x+ m) Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
5 W7 n+ D" K8 b9 I* Y 270,000 * 2% = 5,4003 ]' Z& b# E, G! ~7 Z, d0 M+ U6 Y- P
adjusted mortgage balance: 270,000 + 5,400 = 275,400$ x5 I1 w( g! b; E
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment- i! x. u% i1 Z7 S" X+ o7 L5 p6 h
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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