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Assume: House value 300,000; S6 o; P" |1 t+ r9 x+ L* P
10% down payment " B7 f0 ]) }+ Z ] p
25 years mortgage (25 * 12 = 300 months)
* p! q O8 g8 z5 u7 s rate 5.24. K& Q0 ]3 C2 v+ V
. [& p1 l a/ o0 j7 G& X1.effective rate 0.43197466
* y' w5 r( Q0 d in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. ( G( q- r+ B& z2 `0 o
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
+ h# b+ l7 x h0 ?2 \, z6 E, L8 ?2.Adjusted mortgage balance
' _+ u. u$ h _: L. N$ c v3 ~ 300,000 * 10% = 30,000 downpayment
& q% c* s( H. E+ t 300,000-30,000 = 270,000 mortgage requried' Y! ?- U- m2 }* H3 F3 Q
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
" r4 B) m0 u; c7 Q 270,000 * 2% = 5,4003 \, m5 |9 ?4 j: L9 J
adjusted mortgage balance: 270,000 + 5,400 = 275,400. @/ Q1 m, w! a& r/ |$ i" V8 e
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
' l) L% `8 ~; s4. 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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