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Assume: House value 300,0001 J. ^" N Y; Q( u
10% down payment ( U- b+ x' D6 e1 O+ y# k. _
25 years mortgage (25 * 12 = 300 months)! M" k% U4 b; V6 Q5 ]: r. C
rate 5.24; N; l; r. m: u
7 y1 I/ x% k$ g1.effective rate 0.43197466
1 o) U2 p. M- A- i* @ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
8 q1 d6 o9 n B: y, z7 a% H& g& t8 Y 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
* E1 y! T: h R8 o: w& p2.Adjusted mortgage balance
7 S% O: |; B" `3 [( w 300,000 * 10% = 30,000 downpayment$ |. ?3 }1 W1 q J5 M
300,000-30,000 = 270,000 mortgage requried
* N% W+ k4 n2 `% P4 K0 U 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)& k. J/ e7 e8 J# h! c, [ F1 Q7 B
270,000 * 2% = 5,4008 i2 D: D I- [4 S
adjusted mortgage balance: 270,000 + 5,400 = 275,400, ~1 q5 s: m& B. V0 w5 r; w
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment) w- L) J) j. a b7 y/ L
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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