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Assume: House value 300,000
( }. i4 y" _& l& A; d+ c 10% down payment
; [# F: N U' \" n) ^' E. |% o) s 25 years mortgage (25 * 12 = 300 months)
1 l; h% q6 C. m; |- e rate 5.24/ N: P$ {$ C6 o4 b7 F; W+ @
) O2 x% F* I+ i5 Y+ m1 K6 s
1.effective rate 0.431974664 a& ]9 r# y1 e: A0 Z
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 6 _6 P4 {7 o% F# x5 }5 Y& i
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
3 q. c! R" L: l8 r/ D2.Adjusted mortgage balance, d" q0 ~1 L* ?+ C, ?/ A( }
300,000 * 10% = 30,000 downpayment
& Q& s. c; Y: Y5 _3 O3 R" r3 G 300,000-30,000 = 270,000 mortgage requried
6 Q- `, h9 k$ @% M0 v6 | 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)" E1 M& g8 q9 N+ ~" T! Y
270,000 * 2% = 5,400* W; M0 Z ~/ p
adjusted mortgage balance: 270,000 + 5,400 = 275,400
1 s0 ^& z/ Z$ u! q/ Z3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
1 B) d% v4 k5 E& L7 c# `6 n2 \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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