 鲜花( 0)  鸡蛋( 0)
|
Assume: House value 300,000
5 {! ^+ I! {! F+ z0 l 10% down payment " L! D* b* {: O; A0 H* g# B
25 years mortgage (25 * 12 = 300 months)
1 m- U0 V2 A! r+ E2 S, ? rate 5.24% ~+ r* d6 [% X( f; h' r
y5 I# H* {$ h
1.effective rate 0.43197466" x+ g- H# g( C% [8 Z, Z. n9 F
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. J5 V) g. S/ p6 Z7 n! a
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
9 U5 i9 U! w; K. _% i2.Adjusted mortgage balance. O* p$ a2 C- H; _
300,000 * 10% = 30,000 downpayment
" X. a; A; C# ?* H 300,000-30,000 = 270,000 mortgage requried- n4 m$ w# ]' `2 Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC), A9 w; v2 L* o1 Y
270,000 * 2% = 5,400
9 E2 p+ w5 B2 N) d0 ` adjusted mortgage balance: 270,000 + 5,400 = 275,400, j* ~3 _% F- o/ o3 y$ k
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
7 _# E) |0 w" q" i4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
|
狗仔卡
发表于 2008-9-25 13:29
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡