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Assume: House value 300,000
- J" H) R. d* F% {6 t5 o 10% down payment
$ x# X7 H/ T; T5 Z N0 j/ B 25 years mortgage (25 * 12 = 300 months)* A" S, h- _: Q i) `9 s
rate 5.24
6 n" R: ^" R: \; @( q* ^; m( S' u. l Y/ F' j8 s1 b$ s
1.effective rate 0.43197466
! U. V9 W/ D$ {; e- T7 [ in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. # |1 L- z' Q/ b' \
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
+ i# @& j2 v& C2.Adjusted mortgage balance
2 r. V7 ~( @: o9 `1 a3 x% m# T% A 300,000 * 10% = 30,000 downpayment
1 P. p" {. Q+ H2 P 300,000-30,000 = 270,000 mortgage requried6 o0 t S4 J. P1 t8 B; t
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)2 Q: L( X% {8 u/ @+ u) p2 L7 p
270,000 * 2% = 5,400
! h4 T+ m( ]+ ~( ]5 D* |; t: k adjusted mortgage balance: 270,000 + 5,400 = 275,400
) X7 E6 i9 H5 J( q) z# P3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment9 s$ j/ A' ]- k6 _% N' _: n
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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