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Assume: House value 300,000
/ @ `, l8 h1 | 10% down payment
: r, Z/ _0 c$ ~3 m- t 25 years mortgage (25 * 12 = 300 months)
3 D k! _. I2 f+ s4 C, H* f rate 5.241 d* c/ F% h; z. f+ m
! |. G% d; B8 k1.effective rate 0.43197466
7 g7 R( u; z9 `7 x in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. * b/ C A, V- S- l5 u
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466$ Q8 n" `+ s5 x3 N$ h
2.Adjusted mortgage balance8 C4 E" g1 K7 f% H
300,000 * 10% = 30,000 downpayment% F/ L, z3 X# m
300,000-30,000 = 270,000 mortgage requried6 q* j! ^# G$ ~( P$ _( r
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
; {. g# ~& |- l4 Z# J 270,000 * 2% = 5,400
. o) g# L$ T$ E* ? adjusted mortgage balance: 270,000 + 5,400 = 275,400! F- w" i# V$ i# s* U- N
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
8 D* j. p% M4 z4. 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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