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Assume: House value 300,000
. n% } E" r8 D+ w# Q* w# m& j 10% down payment # ^, Q; W& H- E% b
25 years mortgage (25 * 12 = 300 months)
% g. n ]5 `& n# ~, K: g. ]$ G7 } rate 5.245 J# K, t1 y8 I. j7 O1 z3 v! ]
, w& G3 \+ X8 ]3 v
1.effective rate 0.43197466
5 D1 \. E5 ]! U) ~! W3 U8 [* B$ w in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
& N$ p% `+ E0 m 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
8 K5 I: [/ P8 P1 B9 d8 w( z2.Adjusted mortgage balance
; X# |) R0 A# o5 a+ A7 m 300,000 * 10% = 30,000 downpayment
5 s s! H2 o- J 300,000-30,000 = 270,000 mortgage requried/ j' |# ]( |, z. h, W
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)5 O U" o s7 i( Q! ~7 c
270,000 * 2% = 5,400
, U& M9 N- A7 t2 d, ~ adjusted mortgage balance: 270,000 + 5,400 = 275,4009 e9 H3 C* t7 `3 q4 F
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
& v- C: y1 M& A- P9 E4 U4. 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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