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Assume: House value 300,000
9 b* n5 `8 f- F; [5 n 10% down payment 6 i1 O3 S' N1 `% j3 z5 x2 P1 l1 {
25 years mortgage (25 * 12 = 300 months), J* p) }( \7 a* Y6 N2 a
rate 5.24" [1 H8 M" c; M y8 t1 d
" H0 G. [. }( B; }
1.effective rate 0.431974669 W) u+ o' A; o( k/ ^" A
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
7 [; b3 O: A% M G 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
H; p9 y: @+ u( p2.Adjusted mortgage balance- Y' y7 C$ [' L$ G
300,000 * 10% = 30,000 downpayment
( w$ T# P& ?9 h$ I! o4 a 300,000-30,000 = 270,000 mortgage requried
' j+ e8 B! e: o0 K 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)# s4 m+ O" d+ c- R; Y7 ?1 W+ d
270,000 * 2% = 5,4002 B# S6 ~' i [& d1 J/ c' z" {
adjusted mortgage balance: 270,000 + 5,400 = 275,400
- @9 B3 h5 d" G! S3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
' \/ _. a& z' g. \1 r4. 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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