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Assume: House value 300,000
4 s, c9 x) y0 o2 Y' [0 f# u 10% down payment
o6 `7 @5 K; S/ J. S 25 years mortgage (25 * 12 = 300 months)
. u1 L& V( C) O# P rate 5.24! [- r `) q3 }# V9 |& Q
4 `& u1 I9 T7 m- s5 E- v% N/ U: j
1.effective rate 0.43197466
) S' H% A$ ~5 t- C$ q in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ; J. x4 g5 V1 R; Y( x% ^
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466& n& x) y g3 V, E$ O8 R
2.Adjusted mortgage balance
% b8 I/ t, y9 i" L0 q0 a$ r 300,000 * 10% = 30,000 downpayment4 N: o& ^. T6 L- K% b) m! [
300,000-30,000 = 270,000 mortgage requried
) T" ~1 m$ U$ f {3 Z, q B% \ Z$ s 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)$ X( U$ \7 u6 R( h: ?" v
270,000 * 2% = 5,400
6 t: z" |: p1 s) l3 m adjusted mortgage balance: 270,000 + 5,400 = 275,400' ]+ y* U* v5 D7 g
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment9 ~7 i0 R0 ~, w6 @. {; C! j
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
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