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Assume: House value 300,000+ E- x: k8 Y0 n, Z$ Z* u; Z2 h1 _/ x
10% down payment 7 R# D5 k) B9 T
25 years mortgage (25 * 12 = 300 months)# U+ q$ J" q E' j8 d- e
rate 5.243 L. ?5 S) }! R1 I) }1 ?% I9 T
/ X; U6 @! i3 ^: @3 r4 X$ z. Z1.effective rate 0.43197466
9 x. ]" _( e' h. K/ X; M" Y in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. $ I6 g6 n* e+ M0 Q* D$ z
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974660 O3 f' U" R9 _7 k
2.Adjusted mortgage balance2 q, @* U. u( N4 c. S. A6 H
300,000 * 10% = 30,000 downpayment$ T% P K7 \, j0 M# w" ~
300,000-30,000 = 270,000 mortgage requried
8 u6 I B2 x& v2 B$ t7 Y 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)( d2 \) L1 p6 n5 d
270,000 * 2% = 5,400) s8 P$ e" Y6 d5 g; G: V% q& M. U
adjusted mortgage balance: 270,000 + 5,400 = 275,400* Z p2 W- |# h g
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment2 z3 i/ h2 c8 ~8 U8 @% V- v
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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