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Assume: House value 300,000
* \! r) K$ g `1 f+ ?+ L: P 10% down payment 0 Y5 g) o. Z' r6 N
25 years mortgage (25 * 12 = 300 months)$ C( V. l& R) H2 Z) }! a. m
rate 5.24* Y, B: a8 p; q# F" B# ^! O7 C
3 D, M9 O" ?2 K6 p7 _4 M3 K r
1.effective rate 0.43197466
4 g$ ?) i! K2 n" D. A in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
1 L E$ e3 c7 v! f8 e/ H 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466/ A# D& T g0 E3 v9 R
2.Adjusted mortgage balance
+ j" N* Y: }5 M: q7 { 300,000 * 10% = 30,000 downpayment
2 B% `8 k7 G8 C4 X( I9 A6 x, y 300,000-30,000 = 270,000 mortgage requried
: V# s4 [- U1 H" l8 v- R 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
: R0 ~% W: k3 p 270,000 * 2% = 5,400
( g ?+ U$ x2 t adjusted mortgage balance: 270,000 + 5,400 = 275,400, e' s5 h; }: u8 a) S7 Y1 j g
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment
$ I7 y$ Y8 V4 g! s8 m; V4. 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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