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Assume: House value 300,000/ J* I9 }& q2 P- u& F. A& G' p
10% down payment 9 ^9 l! s4 e. L
25 years mortgage (25 * 12 = 300 months)% K! e+ U$ A: j8 {/ V
rate 5.24
8 l5 d( o" {$ z+ Q( E0 \& [, W% [, F+ b! X9 m; r
1.effective rate 0.43197466
0 q3 F/ m. U2 }7 T in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
( W7 J/ x5 {4 f, Q$ P 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466- A# h0 e' R# w+ Z3 c
2.Adjusted mortgage balance+ }- {. _' F* A% G7 F
300,000 * 10% = 30,000 downpayment: z( f! f2 r' T+ p/ n
300,000-30,000 = 270,000 mortgage requried
$ q6 M1 }$ l/ m2 O0 @% V9 G 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
9 @5 Y7 l* `' Y F 270,000 * 2% = 5,400
. T ]5 x4 Q+ [3 d adjusted mortgage balance: 270,000 + 5,400 = 275,4008 x ]$ {7 l3 @+ I
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
, l( \+ v( v; Y; }9 M/ j- Z" E R4. 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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