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Assume: House value 300,000
n! P o J1 k/ ^: g* P& @ 10% down payment
J( p7 r# G7 M! Z3 i. ?& F 25 years mortgage (25 * 12 = 300 months)
q' _. m0 ^: U1 T3 }. L rate 5.24 {1 n- h7 z2 c0 c7 L( u( G
, z: q- y9 v, h1.effective rate 0.43197466
) @$ f: ~+ p% T$ {/ z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 O) g% B9 \2 d0 D4 Y) F
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
2 f& P$ E( O9 w5 F1 s# ?2.Adjusted mortgage balance, j: A; x4 ?5 \; s3 @
300,000 * 10% = 30,000 downpayment- ?- H2 s. c; G: c: Y! U
300,000-30,000 = 270,000 mortgage requried
: |) R( x2 {0 {8 _, Q 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)( b8 k) Y. w% W2 h$ c' J2 G
270,000 * 2% = 5,4001 i* I6 t- D8 `9 @8 o
adjusted mortgage balance: 270,000 + 5,400 = 275,400: u! h& Y3 |( v
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment A' d; M% {# `) b1 t
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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