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Assume: House value 300,0000 G' k4 R. g& M/ C+ B, `8 _
10% down payment * Y0 q0 @4 y" Q8 c6 @ G& D
25 years mortgage (25 * 12 = 300 months)/ X! ~* u% E1 g7 g9 T: @
rate 5.24
6 Z+ }3 V3 d! \0 I# \6 V; t- t% l# s: y9 \
1.effective rate 0.43197466
0 w4 p' d$ ~# [5 A/ J in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
6 S/ K, e: c/ ], {" g/ ` 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
6 s- z/ i- v' C6 S9 D) r2.Adjusted mortgage balance" d" q0 O! o6 U& [1 _
300,000 * 10% = 30,000 downpayment
( `; i2 q' D6 o" e' |) _. W8 q& p 300,000-30,000 = 270,000 mortgage requried
) j1 e2 O0 V3 L 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
: C+ \& i) Z5 Q# C) e% l2 G' R+ S+ L 270,000 * 2% = 5,400
; Z7 c9 }1 [& m' F7 x& { o adjusted mortgage balance: 270,000 + 5,400 = 275,4009 C6 j7 q' k0 @# V: d$ G
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment/ W6 q) a" t) A X; u) p- G( s
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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