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Assume: House value 300,000
. Q7 K5 }. V% k% q6 v# Q 10% down payment " |/ x: P5 z; j" T" X
25 years mortgage (25 * 12 = 300 months): n# O) {2 X; `8 x2 F
rate 5.24
% ]( Y5 p" B3 K2 r
6 P; S. P2 E- L l% [) X+ \/ w1.effective rate 0.43197466
! H3 A+ a8 S- _( C in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
7 \ w( |4 y. S 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974669 B0 ]: R1 u" u% z# }1 j% {
2.Adjusted mortgage balance2 c: l- _+ Q" L- Z8 N
300,000 * 10% = 30,000 downpayment& N) E7 e6 C1 k2 w3 W
300,000-30,000 = 270,000 mortgage requried
) T8 u) X& r1 [% e, K# u 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)6 |' a; i |/ M* u! E! E
270,000 * 2% = 5,400& h. t. |$ i; O* O- {& w8 N- N
adjusted mortgage balance: 270,000 + 5,400 = 275,400
8 f/ F( t/ K1 O3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment! a9 q& V; O% ]' S7 r+ n k
4. 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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