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Assume: House value 300,000
: R, c. @5 U. S- A 10% down payment $ i. }( k( r) Z+ H- X# d) M
25 years mortgage (25 * 12 = 300 months)8 B& e& n( t7 p O
rate 5.24
p- P3 o/ q+ Y- U% I3 ], j! _2 h8 _1 C- _. @4 x
1.effective rate 0.43197466" l( t2 @. F, z( j) G$ X. a
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. $ q5 s2 r. q3 r7 Z8 k
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974660 Z2 `/ L% p/ c9 w9 |6 a, a$ b( a
2.Adjusted mortgage balance
" T1 m* f) P' L. }1 |& I- z 300,000 * 10% = 30,000 downpayment
* W. H$ e5 Z1 V9 r- a7 N 300,000-30,000 = 270,000 mortgage requried
: S# g& a. E" X3 C% L3 p, B+ h 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
3 V7 w2 }, V4 J- X5 C; \. Q' { 270,000 * 2% = 5,400
) u& ]! O+ ~# e. o! Y! P) J" _/ i adjusted mortgage balance: 270,000 + 5,400 = 275,400$ N* l. p1 l, Q
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
& G3 a) m; n# P7 G4. 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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