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Assume: House value 300,000
y; D0 k/ H% w8 Q( b, @" b7 w6 Q: m 10% down payment
1 w( v% Y9 J( R ~- X' U 25 years mortgage (25 * 12 = 300 months)
. @( o6 N8 h7 i: p6 J rate 5.24
+ q5 `# p1 T0 |4 |- g' b. f* R
8 c# b" V/ p; ]- t; x1.effective rate 0.431974665 S: Y# y& {: _
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ; A' B" v9 O& L1 J2 M( G! I
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466; O2 l! @) x( r; f' m2 t; C
2.Adjusted mortgage balance
. L/ v( |! p/ J5 ?$ x+ C 300,000 * 10% = 30,000 downpayment
+ I6 \" ~) G% r6 v/ H: Y/ ] 300,000-30,000 = 270,000 mortgage requried
2 t$ [- j8 L2 w& } 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
( ~# V9 s' l; ~" T# C 270,000 * 2% = 5,400
+ k& U2 ~: w4 V! W% O# p adjusted mortgage balance: 270,000 + 5,400 = 275,4004 J1 W# A0 }) i
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
+ |. U/ P* r! o8 w6 o9 p. I4. 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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