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Assume: House value 300,0008 D7 {1 B5 B u2 k1 l
10% down payment ! w* v1 }2 @& `+ D5 L. F8 t
25 years mortgage (25 * 12 = 300 months)
+ _3 j& g( M. U( R- [5 ^$ |. L rate 5.24
" ?) O; c( m7 l- J B. _1 T9 D: @" V" z' t: s; V; T
1.effective rate 0.43197466% ~' ]6 S& Y, l6 T, [ e/ c6 h5 J& t
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. $ k+ j* z9 S' K1 F1 h2 C
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
$ h9 O; d" }7 G* \. q, F$ f2.Adjusted mortgage balance
# ]" v7 a( Y( x( ` 300,000 * 10% = 30,000 downpayment
2 {3 a# l' G( q& t/ E! `3 g ` 300,000-30,000 = 270,000 mortgage requried
' p9 N( K1 m! \ 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)! l1 O1 y! k) R4 j' v3 n
270,000 * 2% = 5,400
. o" Z% H- b. v, _/ F$ V( w adjusted mortgage balance: 270,000 + 5,400 = 275,400
% `' ?5 C H; R2 o+ P. k" v, n5 @3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
9 ^: k4 D6 q# y$ 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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