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Assume: House value 300,000
" k& ]* \# z9 n! y1 R 10% down payment
" T9 M9 \/ t2 y8 I7 a 25 years mortgage (25 * 12 = 300 months)3 x% v0 {8 T8 d- z$ }
rate 5.24- V5 I, J) x- v, s& z6 _
, Q: A' X% k: X3 g1.effective rate 0.43197466
. T& ~- O0 [" n2 ~5 }( T" S) z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 5 `; N' n4 u' v4 q" @: f o
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
# k+ x2 Q, n" {& F' D2.Adjusted mortgage balance
6 v' A: h0 ~ h! G# m* v; X5 [' K 300,000 * 10% = 30,000 downpayment+ L% [3 t6 A. t$ n* _( ~
300,000-30,000 = 270,000 mortgage requried% ]! w0 P5 }- d3 N- `0 p D7 e0 X1 D
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)2 @9 W% T# ^# {7 G- c/ u3 N5 j
270,000 * 2% = 5,400
7 t8 _) C- a: }: v! y( j7 t' Z adjusted mortgage balance: 270,000 + 5,400 = 275,400
3 s- j& {. H* i5 {4 V6 ]3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
1 x0 n$ B: B% e9 ?! q4. 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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