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Assume: House value 300,000
+ u6 _; u: U/ ~% N# D; T4 O 10% down payment
! V$ R& ?+ ]) G5 ] 25 years mortgage (25 * 12 = 300 months)
7 q+ j1 i: s6 \5 b rate 5.24; ~. q! J) W2 W5 ?5 A) V9 O6 `
& N p/ w$ I) ?2 q& J- Z1.effective rate 0.43197466
) a) P8 P# i4 y8 Y& ^ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. / a( U& q# j( S- }6 y- }' X
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974665 V( w X) p% O
2.Adjusted mortgage balance6 x% C0 r3 Z0 v0 E, l0 T
300,000 * 10% = 30,000 downpayment
$ t, r' ]8 P) \) i3 }. U1 [+ q) \6 Y* ] 300,000-30,000 = 270,000 mortgage requried' _! T1 _3 R: U: e
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC); d4 X. m# d3 A# ]
270,000 * 2% = 5,400
7 U" q( S# n2 ^6 W' E$ I adjusted mortgage balance: 270,000 + 5,400 = 275,4005 ^0 P |. m& Y: K6 P6 v
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment! E8 M) N* D; W; i3 J6 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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