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Assume: House value 300,000* X* F0 z# N3 K8 S9 ]: l
10% down payment
7 ~4 _* K9 f( `, q/ f ~; } 25 years mortgage (25 * 12 = 300 months)' q& o: ^, n/ @+ x
rate 5.24
2 e% k2 [7 I- M. ?
e0 c) [6 r9 x/ [" j1.effective rate 0.43197466
6 [; t9 [1 _3 C. I/ z in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
6 Z Q/ G$ p: v" I 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
7 ^ [ g2 K+ [, S# s/ [2.Adjusted mortgage balance- y) O8 D1 P3 a5 Y& P W
300,000 * 10% = 30,000 downpayment
0 f) g5 J* u/ _7 _ 300,000-30,000 = 270,000 mortgage requried; y6 t# N( o3 Z5 l/ I
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)$ p4 u8 ~4 p1 v
270,000 * 2% = 5,400
3 y+ e5 k2 l; o; m4 {4 _2 v6 C6 y adjusted mortgage balance: 270,000 + 5,400 = 275,4004 j& |4 I: k* J) J
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment. q& ~, a; o1 j& r$ C
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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