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Assume: House value 300,000$ Z* Y; D. p1 [0 R% |* K0 O
10% down payment
: Z1 e/ t: ]* \, g! a5 c 25 years mortgage (25 * 12 = 300 months)
" k9 L0 P: A: W( g; n! Z& X6 [ rate 5.24
. R/ ?7 P. i" T+ a5 }, W/ o! ~# A1 L2 M/ K# b M& g0 r
1.effective rate 0.43197466, d. X! L! N( N& a
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. & N( e9 i9 \ ?5 V' j: c4 p
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
# F5 n/ C* U3 r! v2 P. b2 I h7 S2.Adjusted mortgage balance) e5 q+ {8 G( \# x3 ^: Y% T
300,000 * 10% = 30,000 downpayment
5 K0 F+ L8 ~4 s; g4 V. A4 E 300,000-30,000 = 270,000 mortgage requried3 Z t7 ^- }2 b6 R5 k' ~9 c5 d
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC) p4 G: r3 c7 U/ P) _# m( D
270,000 * 2% = 5,400) N9 m4 J4 F D. P! `, T
adjusted mortgage balance: 270,000 + 5,400 = 275,400
# h( K$ ~) [6 B3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment B/ K: b( h! ^4 V1 x3 B
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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