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Assume: House value 300,000( P- k0 P. y9 `
10% down payment 5 j# {4 X' {3 P; N
25 years mortgage (25 * 12 = 300 months)
$ Q0 l$ }! D s. g" J3 ]; U rate 5.24$ h* l0 P& |6 z$ ^* P
/ `& F$ v1 F; l9 S1 g) y
1.effective rate 0.43197466; F5 p' a& C4 C, v7 m F2 u% P' z* I
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 8 n/ E. X* H7 ?
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466 H; q T5 b! y2 O) x/ ?
2.Adjusted mortgage balance( A: T$ ?+ P) r$ ]
300,000 * 10% = 30,000 downpayment
- D* C1 w1 Y8 G+ F( ] 300,000-30,000 = 270,000 mortgage requried
7 H! a: W. V% t& W; p 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)$ i0 f! ]4 _1 }6 |
270,000 * 2% = 5,400
/ J5 e9 L7 ?1 ^: G adjusted mortgage balance: 270,000 + 5,400 = 275,400
3 w, D7 U# l) K$ q5 S# ?4 L3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
! Z/ L- c4 K2 p: J4. 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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