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Assume: House value 300,0001 e4 d' j3 L* Y5 l" b. l
10% down payment
/ w+ A% i# M$ _1 v2 l Z$ [ 25 years mortgage (25 * 12 = 300 months)
; j2 p& B/ d- ?& e rate 5.24
/ U+ o$ v0 ~7 }% I* n/ X0 S6 p% ]0 Q" b; B9 n3 Y# x
1.effective rate 0.431974669 R# z- G0 z# F( Y
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ( z" B8 x) @- A: H* L) S
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974661 H# ~8 c* O2 z" ~2 G) R) k$ _5 K
2.Adjusted mortgage balance" Q, e }4 I* S9 A4 ]
300,000 * 10% = 30,000 downpayment
& b2 O! B8 U' f. ]" K; w 300,000-30,000 = 270,000 mortgage requried9 G$ f( P0 L" T5 ?- z3 _3 S
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)! t! n t/ C+ M
270,000 * 2% = 5,400
, L4 P9 I) A9 \. R! J9 }4 u A adjusted mortgage balance: 270,000 + 5,400 = 275,400
( ]/ c8 Q7 l, I5 q6 ?6 W6 F! @3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ |" M p# h0 R2 X9 m5 F4. 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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