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Assume: House value 300,000
a( p5 ?7 J) }# y: V 10% down payment
- |/ u ?- h1 s 25 years mortgage (25 * 12 = 300 months)0 W0 V+ h L! J/ B2 z' A
rate 5.24) K, |' M" `1 R1 Q
6 m8 B0 }* T$ p+ B3 a
1.effective rate 0.43197466
8 n) o7 Y. J1 j K6 P in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 1 @0 r- }- u8 {) f
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
( U- y( e: ]/ l3 h7 |/ q6 x9 R4 v2.Adjusted mortgage balance9 m5 l7 D. M1 W# g
300,000 * 10% = 30,000 downpayment, _% _% k' r% k, d$ |: {7 L
300,000-30,000 = 270,000 mortgage requried
# d5 L0 F, k' O) ] Z 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
) ^( P' B v- f6 r 270,000 * 2% = 5,400
) \! y- [. M! O* a adjusted mortgage balance: 270,000 + 5,400 = 275,400! H3 Z' D3 J$ u, z0 v: f- b
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment5 s3 X( q v, U+ [0 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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