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Assume: House value 300,0005 z8 J+ |0 j* A* \
10% down payment & g4 [" A/ O$ p, J, o
25 years mortgage (25 * 12 = 300 months); q' S+ [* }) {
rate 5.24
( ]7 C9 J8 E) w7 C5 j) b4 X0 k
. G' S- T! N* i, n; u* }8 O0 U) `1.effective rate 0.43197466
3 v# u' C; `' g/ y$ c( \ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
* G) x" |# T( z 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974666 C; _- l* I+ R" _5 r7 C; L
2.Adjusted mortgage balance; Y8 O' Q& G& G( j6 s7 c
300,000 * 10% = 30,000 downpayment
( X" X% f9 W+ g$ J1 a! B6 W: ` 300,000-30,000 = 270,000 mortgage requried8 K; q5 I3 u4 k9 S
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
6 J. b9 I$ w; V; k3 a 270,000 * 2% = 5,400
( u2 g' S# D6 K o* ~ adjusted mortgage balance: 270,000 + 5,400 = 275,400& g* Q( ^+ s5 T( e9 b. F* h
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
( [0 N' f8 o* ]$ j/ A8 F4. 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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