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Assume: House value 300,000% P" Z4 G1 u" m% p$ k
10% down payment
3 W/ Y* B8 A$ E; o0 q 25 years mortgage (25 * 12 = 300 months)
' i/ e- W- v8 [4 R rate 5.24
7 F$ T) Y# x9 z% _+ f) O1 l# F
! N0 s# h7 T7 I2 `" h+ Q1.effective rate 0.43197466' |7 }, w9 b8 w4 I/ n7 N
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. % ?3 c* G7 U$ i
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
! }0 Z3 q6 J/ q9 ?/ H" Q" M2.Adjusted mortgage balance
$ _ S: i! [$ w7 P% L, C4 X$ ~ 300,000 * 10% = 30,000 downpayment
- O& E8 Y! o1 O a( y 300,000-30,000 = 270,000 mortgage requried
3 X( j. E5 w% }3 h( q8 P; n 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)' n* T1 O1 T2 D$ U$ q
270,000 * 2% = 5,400
" N8 f8 y! m9 p adjusted mortgage balance: 270,000 + 5,400 = 275,400& P- A/ V4 P7 E5 q: `4 z
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment# n! N& q2 G" }1 b" S0 P
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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