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Assume: House value 300,0005 \" B$ @, S' u+ E2 G
10% down payment . I8 t) L, N% R1 T& V, B9 Z. i
25 years mortgage (25 * 12 = 300 months)
' d7 Q- ] F# R: ^8 T! t rate 5.246 Y R; L, C$ }6 e+ Q+ H
# Q& ~ ]8 E3 y c( q% Y# x0 z* L
1.effective rate 0.43197466( p. [$ f$ k7 y
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 n# z' {, G) E2 T# B3 G
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974667 ] y* j8 ^2 Y6 G- l6 d" [) R( z
2.Adjusted mortgage balance
, x2 e7 ?& L# {* n/ {: C _% D 300,000 * 10% = 30,000 downpayment/ Y* r6 z$ h* j
300,000-30,000 = 270,000 mortgage requried( u6 D( R3 @. j
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)' E5 K2 j& I, K4 e& [
270,000 * 2% = 5,400
: [. l+ u! q+ Y' r e* d adjusted mortgage balance: 270,000 + 5,400 = 275,400. v |% z3 Z$ `* {8 ], j9 g
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
; ^4 c' p/ g# I4 t4. 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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