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Assume: House value 300,000* z% m0 y3 [# l7 D/ e& Q! D
10% down payment 3 ~' ^; k' o4 W6 h6 q9 T' e8 W
25 years mortgage (25 * 12 = 300 months)
4 k5 J7 |/ x# k% k) M, A rate 5.24" ], V- F, ]9 ?
# h: b8 O/ ]6 J1.effective rate 0.43197466
' A4 m2 `. D: _' V W* g9 _% \ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. * Y; H: c9 W$ \% F- K
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974664 U. W2 [* @: O6 r/ {
2.Adjusted mortgage balance
" D0 q# q ]' B" U3 t 300,000 * 10% = 30,000 downpayment6 C. x9 T$ G+ T7 [
300,000-30,000 = 270,000 mortgage requried+ m# D: L% O# H3 x
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
$ d) P/ U/ n) D8 ?3 ` 270,000 * 2% = 5,400
9 v- |% {* U$ c8 F adjusted mortgage balance: 270,000 + 5,400 = 275,400
/ Y8 u9 h$ F0 G' U' _2 |3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
# K! ^4 O+ A, ?* R6 G: _$ j/ y4. 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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