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Assume: House value 300,000
. @* V. L; y2 H* G- X5 @( w 10% down payment 3 T5 P F+ M2 ?1 K3 X ~/ i
25 years mortgage (25 * 12 = 300 months)
' N( u! z0 _9 P. U rate 5.24! d/ N. z. C" u1 v; J2 \$ _8 k
1 r# i$ P( o% s" X
1.effective rate 0.43197466 q+ s0 n4 J/ P& U3 x( r& r
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
! S* H7 v" A3 f& ^ 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466; L8 O% y, r8 Q" i3 M6 W9 U5 P3 q
2.Adjusted mortgage balance0 ^; q' R/ P) D1 j# f5 N4 q2 O
300,000 * 10% = 30,000 downpayment
! \6 {% U8 M* x3 X" i4 g, c! Z/ s9 U 300,000-30,000 = 270,000 mortgage requried4 m! ^( h1 t% z) ]0 ]# O6 u% f" P& {$ j
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)$ F* A" }# J& D9 }0 ~. ~2 z
270,000 * 2% = 5,4000 m, F' f) R3 J4 U! p& a+ K
adjusted mortgage balance: 270,000 + 5,400 = 275,400
8 X) W- d2 g! j# x' r, p* k4 c7 R3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
, ^1 V9 {8 p0 X9 R4. 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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