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Assume: House value 300,0003 M0 D( q, L1 |, C# y) s
10% down payment 9 u6 @1 \+ t, _$ j7 o. g- C3 x, z7 A, N
25 years mortgage (25 * 12 = 300 months)/ b7 ]! o, [9 E- g
rate 5.24! u* k# b5 p9 D0 `/ A
+ J6 E4 l+ p" P+ n1.effective rate 0.431974666 M( a O9 \1 y$ E+ i( b8 _
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
9 U7 E4 Y* E- z& k: J: } 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
6 M! p) a! G( ^0 g( a9 W2.Adjusted mortgage balance
) B$ s( i: T# c' l) Z' [% |0 W T 300,000 * 10% = 30,000 downpayment
& F& S0 k$ t1 K+ ]' k3 u 300,000-30,000 = 270,000 mortgage requried
8 Y4 s. Y/ J* _' v& ] 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC), e5 j# ?. b; F! E: [) L- ^
270,000 * 2% = 5,400- Y% `& t, w7 ~( M Z3 E% j+ ?
adjusted mortgage balance: 270,000 + 5,400 = 275,400
2 I- x" W; z% l+ w4 \; g+ l% D, I3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
: ]3 M6 \1 B8 @* t* u) L4. 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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