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Assume: House value 300,0002 ?5 v& w, v* J
10% down payment
6 e$ B$ w1 ` ^1 x& X 25 years mortgage (25 * 12 = 300 months)
* D% E8 [$ @; ^4 ?% f rate 5.24/ v: p; L+ }" p; Y4 ]
( [" O j- c% U2 ^# s" `
1.effective rate 0.431974665 J, { N4 i4 N5 a; {4 E3 T/ G: [3 ^
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
; H d: u! v0 S 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
( Y7 k2 f; b4 _: y0 u. w, P i L2.Adjusted mortgage balance. Y" N+ p; |9 B
300,000 * 10% = 30,000 downpayment1 g) k7 w* g$ |7 a3 c/ ~8 f# u
300,000-30,000 = 270,000 mortgage requried' X( o! Q( P$ w, @+ ^+ _- Z
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
* K2 \9 N. I. O. P& \) _ 270,000 * 2% = 5,400
# k5 Z+ l8 Y2 I& P9 l adjusted mortgage balance: 270,000 + 5,400 = 275,400
6 H; ]4 K% a0 b+ m# k* V3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment% \; j: i0 `- ~7 I" s$ z
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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