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Assume: House value 300,000% O5 d, ~* M& v$ S% o
10% down payment
3 s# R) d/ _/ Z& n- G* N 25 years mortgage (25 * 12 = 300 months)2 p2 N( P2 I' z6 U9 ]5 c7 {
rate 5.24
( ]1 N: V9 |# j* T, {3 U2 @* U7 X: p3 g) k
1.effective rate 0.43197466
. B7 K. v2 Q4 E in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
4 R* U6 K* p: Y8 y 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466* v9 L& e. P( B; @) D' z
2.Adjusted mortgage balance% k7 A, i6 [# H" T) g4 _
300,000 * 10% = 30,000 downpayment
# Y" F) ?6 W6 y3 }8 z2 [ 300,000-30,000 = 270,000 mortgage requried! C, b% ~# u/ B+ ^2 w
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)2 i" P9 {5 P$ H C
270,000 * 2% = 5,400# T- i% L! S" i v$ w& b( o0 e
adjusted mortgage balance: 270,000 + 5,400 = 275,400
0 `7 M% b+ Q8 A$ D9 C3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
' [5 O! Z* C3 Y0 v& d4. 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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