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Assume: House value 300,000
6 g U- Z: Y& n5 W. |; d 10% down payment 7 V% n9 A8 Y& P4 O
25 years mortgage (25 * 12 = 300 months)
3 }! ?0 h" y* D1 \9 l- U! H rate 5.24# K, G( ~5 l- }& F4 N
& l! f* ^& m5 r5 o. x6 B1 i
1.effective rate 0.43197466
' ]& R. F7 c1 Y- X$ O& s$ Q' O) [( D) V in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
4 \: M$ }3 I, i; S; t) w T5 l( W 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466* U. z4 ^0 ^ p% ^! n
2.Adjusted mortgage balance8 C, ^7 q/ I& P! N
300,000 * 10% = 30,000 downpayment, F8 G* I( d: z
300,000-30,000 = 270,000 mortgage requried
8 F! K5 @; { c* h, j& U, h 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
' a# B5 u, Y9 ]1 p$ m G: g+ l 270,000 * 2% = 5,400% o4 e4 c* g8 X c
adjusted mortgage balance: 270,000 + 5,400 = 275,400. ]8 L9 j) V4 g5 }6 U v
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment$ C6 F: s, F( p1 W6 A
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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