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Assume: House value 300,000
/ O5 f. L% `* P" }; P4 d 10% down payment
! d! o& V+ W0 I: G7 a/ {# k# i 25 years mortgage (25 * 12 = 300 months)0 I) T/ k7 O9 b2 E
rate 5.24, k$ q5 e# F, p
: j9 W, i" R/ h1.effective rate 0.43197466
# | v7 G* H6 V" t in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. 0 d; `* W% a7 N$ _8 t! s8 H
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
5 o4 L5 g0 y/ k6 m( z1 {2.Adjusted mortgage balance/ _3 f! @/ L. j6 B O* R0 N3 U4 {
300,000 * 10% = 30,000 downpayment
7 {& S1 f0 f% v 300,000-30,000 = 270,000 mortgage requried
[ I7 _7 B9 n' J6 L 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
# a2 J7 t: B% \ 270,000 * 2% = 5,400
% f$ @+ W1 s; G! I# d9 C adjusted mortgage balance: 270,000 + 5,400 = 275,400
3 M6 H& p' `' W8 M1 \; v4 c" K4 P3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment {9 L) Q+ {& D3 b: W# ^! q& t
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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