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Assume: House value 300,000% T" }8 Z8 n+ [; ^, P1 n( d# N% K
10% down payment + z- y- m& F' ?9 u, p5 j
25 years mortgage (25 * 12 = 300 months)
8 U3 |0 Z* [9 M; n" {0 Y rate 5.24! L1 G6 b+ s% t( b7 _# \9 r
) y( A7 Q2 |* S/ p$ }8 u1.effective rate 0.43197466" z. o6 _7 |; g( ~; O
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 4 t9 a, V1 ^* M! q7 |6 h8 ~5 w
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
8 h7 ]2 Y9 U* m3 S9 b/ A2.Adjusted mortgage balance k Y1 ~4 M2 m; Z! z9 Y3 s& T" L
300,000 * 10% = 30,000 downpayment$ E8 c4 w: V: p: I, z
300,000-30,000 = 270,000 mortgage requried. R$ k' |. \, R/ j3 W
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
* X5 p. ]( l4 s! [9 ]7 D 270,000 * 2% = 5,400
U3 ~4 K) \# W4 T7 b adjusted mortgage balance: 270,000 + 5,400 = 275,400% Q2 P, N9 [- e h. f2 l5 R* I
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
; h, W2 z( T& M/ Z* v c4. 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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