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Assume: House value 300,000
3 h' H1 U1 P: I# U* ?9 b. l 10% down payment
- ~. a8 x @: T" e2 U1 \$ r 25 years mortgage (25 * 12 = 300 months) v j( \! E, w2 n9 T
rate 5.24/ i1 [" k& }1 c
2 `0 s. I" w7 t8 i7 l! _: B
1.effective rate 0.43197466
) P+ `1 c& p8 b in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 9 h4 ]0 x: h# j6 u3 D
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
0 z+ }2 r; i6 _' k2.Adjusted mortgage balance
3 Q3 ?' V% h+ r' q" m 300,000 * 10% = 30,000 downpayment' _* T9 I- a+ s# D5 Z6 L: G- M1 n
300,000-30,000 = 270,000 mortgage requried$ k2 i o+ Z0 L1 [
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)( |# _! S" k' e0 f" b; ~$ w
270,000 * 2% = 5,400
9 J4 H" x$ _* S# `- Z( x, M adjusted mortgage balance: 270,000 + 5,400 = 275,400
2 ~8 {& b, r4 G- }$ ], X* n3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
) a% }6 f& i+ V8 {8 X) c$ h4. 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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