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Assume: House value 300,000
* d& I' ~2 k* L5 b 10% down payment
6 K9 {8 b* ]" C6 e M+ ] 25 years mortgage (25 * 12 = 300 months)
5 m6 B* \. p2 \6 x( ? `) p rate 5.24% G% R9 B3 Q1 g+ \
; ]' {- S6 @5 m& s. n
1.effective rate 0.43197466
+ E2 y0 [4 \5 B0 k8 J9 H! e' K in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. + e- n9 a. e: d. v
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
* A% E( \2 K3 a8 T1 V& R2 T2.Adjusted mortgage balance$ q/ ~8 t4 }" Y4 @; L$ Y4 m
300,000 * 10% = 30,000 downpayment% J/ d4 C. H: d1 n
300,000-30,000 = 270,000 mortgage requried
% g3 I' E- k5 s( P 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)- p, u2 t4 K `
270,000 * 2% = 5,400
; v, @2 m% C C* x& S adjusted mortgage balance: 270,000 + 5,400 = 275,400; O6 o8 y1 m! D6 J) ]& R
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment: l. T- K7 }4 [/ v5 h7 c
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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