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Assume: House value 300,0000 l. w& K/ V0 I6 f
10% down payment ! o" @' k+ {: e
25 years mortgage (25 * 12 = 300 months)
: Z7 D; f* m& S/ d" ]( a( ^ rate 5.24
; E$ p4 A% U& L, Y# a, M/ p; x' V4 x3 j
1.effective rate 0.431974661 A3 a& U- E v
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ! b! ]7 ~% C' I+ b
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974660 k3 o6 t! H" z2 T8 V: X
2.Adjusted mortgage balance2 E4 x% z8 I( G8 g& F
300,000 * 10% = 30,000 downpayment
; y+ o! u8 Q' Z8 G, K 300,000-30,000 = 270,000 mortgage requried# O8 c5 u3 C+ D1 |& v2 u$ ]
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)1 D5 [: x) x7 l9 ^
270,000 * 2% = 5,400
\9 g6 Q! }! b+ @4 t adjusted mortgage balance: 270,000 + 5,400 = 275,400
- W' V& G8 ~ Y" R3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment9 ]9 V7 Y4 p7 b+ ]1 x4 k; G8 G
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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