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Assume: House value 300,000- y) O7 `3 I# j% B4 V7 y
10% down payment
9 l$ ?7 X. a+ f1 ~" E+ ~ 25 years mortgage (25 * 12 = 300 months)
& J) \/ P5 r; X6 \2 j7 V# ` rate 5.248 ^0 i% U- b$ m% O; c' j, g0 d( Q. ?
, g/ u- v3 r+ e, |/ f0 |1.effective rate 0.431974664 t d8 E0 o. O" |- ~8 A
in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. , X4 e* N- p5 O7 T3 ~& p7 i) d3 t
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
' H/ X( P! _7 J3 C% y. w1 s2.Adjusted mortgage balance
! c2 S k$ b8 H5 R$ S 300,000 * 10% = 30,000 downpayment
" c+ o5 G2 a3 f3 E. g4 k 300,000-30,000 = 270,000 mortgage requried
" e( b; _( n: I3 i6 u% M 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)) U7 H/ s/ O2 R- J! ?$ _
270,000 * 2% = 5,400: l2 w7 e: v# s. \( L, `6 a
adjusted mortgage balance: 270,000 + 5,400 = 275,400& Y2 V2 i6 z! O% J7 J7 I. q$ {
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment' n' t1 s6 p. ]. @0 O: H( ^
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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