 鲜花( 0)  鸡蛋( 0)
|
Assume: House value 300,000
% n# b ?: r0 a& m0 V7 b 10% down payment
2 O3 n5 w5 [: o 25 years mortgage (25 * 12 = 300 months)+ R0 }4 U6 g I
rate 5.24$ z) x9 T! u( h G
1 u; M. z- y6 U* |1.effective rate 0.43197466
5 V/ _, z' u+ W1 j6 g in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly.
4 t4 U: A; _! d0 ] 1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
3 H6 m. ^$ h$ J8 e2.Adjusted mortgage balance z$ A6 q: e4 P9 Y( Z& d
300,000 * 10% = 30,000 downpayment
) ]) T. o5 r p G1 k 300,000-30,000 = 270,000 mortgage requried4 k6 K- O* C2 U( E
270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
) }, ?. m% T+ A. P' @- Y+ R 270,000 * 2% = 5,400. b* A+ P! H9 F$ G$ h; m6 n
adjusted mortgage balance: 270,000 + 5,400 = 275,400& p* N: I4 f* W
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment [3 X1 s/ D4 ?. _5 G
4. TOTAL INTEREST PAID IN 25 YEAR ABOUT $216,157.48  |
|
狗仔卡
发表于 2008-9-25 13:29
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
显身卡