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Assume: House value 300,000& D! E3 j6 i& f1 h
10% down payment
0 o# _0 b3 [0 Y" m 25 years mortgage (25 * 12 = 300 months), C& Y2 Y! S! w" G. d; t
rate 5.24
% u; y5 H. \( J6 o& t1 Y9 @
0 e0 t3 q5 \; Q/ O1.effective rate 0.43197466
& ~6 S8 w! v! x) a9 p i in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
! z/ _) D8 p8 e' w) \2 ` 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.431974661 j( X, E2 m I
2.Adjusted mortgage balance6 q% m$ i/ F+ O! s/ X- ^( s% r
300,000 * 10% = 30,000 downpayment
5 N! T) K* Q5 E" X$ i 300,000-30,000 = 270,000 mortgage requried
- F' h5 w. Y' H8 ^" q 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)! w Y0 A) _; @( d: \2 }
270,000 * 2% = 5,400
B. \9 P6 ~# T* P: j, @ adjusted mortgage balance: 270,000 + 5,400 = 275,400
; A# f1 W' _9 X5 {8 @1 }/ R* a3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
7 n% B$ B& I6 t8 v/ C4. 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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