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Assume: House value 300,000* ~) l4 Z; k. M2 {0 O% v! @
10% down payment
; Y [6 G9 k; _6 T 25 years mortgage (25 * 12 = 300 months)' P+ g( ]- Y6 \# o
rate 5.24
+ T7 q) x8 I5 w2 S2 R6 N
3 {9 ~" j! @; k. ~# c1.effective rate 0.43197466
5 L A2 P7 J- D: y6 B) F3 `" T in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
& D* a/ U/ D6 {% O( h! g 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
/ C2 e# N* c, v) `7 e2.Adjusted mortgage balance. P5 ^ n: J( I& v. c: T
300,000 * 10% = 30,000 downpayment; P: O& r" O0 T: _0 h' _
300,000-30,000 = 270,000 mortgage requried9 o3 ?; W# l. H; S; d
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
1 t, w; ^& C9 l+ Y 270,000 * 2% = 5,400
0 r5 |4 Z: W8 O! l' I0 U5 n1 O( T adjusted mortgage balance: 270,000 + 5,400 = 275,400: J8 b. S9 m" C) z$ A6 f' r% q
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment) d: c! X% A4 {7 b) o y# @
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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