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Assume: House value 300,000
0 z" }" m6 t& x: _ 10% down payment 5 @# l( V& C$ i2 o C0 y
25 years mortgage (25 * 12 = 300 months)
" T2 p+ U. v) D" ]& e rate 5.242 h6 e8 j; D/ D0 r
+ E# y/ s3 ^2 d8 B p/ j# J
1.effective rate 0.43197466
) Y6 A( C: P: J5 [4 ]6 @3 J in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
) c: @( n- c t6 L2 b 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
" u9 r% s8 }# q1 c! n" G2.Adjusted mortgage balance
+ q- d Y% Q4 q 300,000 * 10% = 30,000 downpayment# o7 b/ c" Q+ N4 C/ f
300,000-30,000 = 270,000 mortgage requried
0 C( X5 l; P9 B$ X' O, | 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)+ o5 q4 @! G& F0 d3 u! P
270,000 * 2% = 5,400; G; z0 i+ W. @) U' t; C- e
adjusted mortgage balance: 270,000 + 5,400 = 275,400
; G6 s9 Z% \8 T; k3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment0 Q) g6 Z7 e* `7 {1 [% q4 d
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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