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Assume: House value 300,000
6 w" m5 D- J2 E. S6 { 10% down payment F: c& ?" ]4 K5 B
25 years mortgage (25 * 12 = 300 months)
( r: L5 P. L' V4 [ V rate 5.24+ J0 t, q8 z3 _1 }3 \4 p+ H3 x
}8 r* Z& \0 K, ?
1.effective rate 0.43197466
( P0 U; ?/ a2 D, U in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. # s" p. ~+ _+ e$ s) K* p
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
$ m: x# U+ K# @9 t2.Adjusted mortgage balance7 W* w; r$ A2 ^0 j
300,000 * 10% = 30,000 downpayment
' T7 @/ `5 n/ k( z) g, N0 F3 E6 Q 300,000-30,000 = 270,000 mortgage requried
0 N3 T) ~" C3 }8 T# v 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
# S3 y9 o" \" I 270,000 * 2% = 5,400" j, H7 ?% s# t, l% H/ Z: f
adjusted mortgage balance: 270,000 + 5,400 = 275,400: E% Z/ @, Y$ Q+ u
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' I& K1 O2 p; V/ I$ }
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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