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Assume: House value 300,000# B3 x6 |. f |7 L- |& ^$ x: k
10% down payment 3 J9 R; T' F8 t) T1 D- ^5 r+ H
25 years mortgage (25 * 12 = 300 months). H+ f2 l# A/ i# X5 u$ h
rate 5.24, | x8 B/ E1 ]. n3 Z$ t
& ^" K; U7 m. o+ f# N' T1 ^
1.effective rate 0.43197466
: }) r# U; V- k! j in Canada it is common to have mortgages that have interest compounded semi-annually(5.24/2), with payments made monthly. & A5 v2 O& t/ p: J6 A7 q
1 pv, 0 pmt, 1.0262 FV, 6 N ----- CPT I/Y = 0.43197466
4 N' z0 ?2 h. b: ?$ V' t, K2 F2.Adjusted mortgage balance
: x5 ~' a* i' | 300,000 * 10% = 30,000 downpayment9 s# k4 d1 ]8 l% O A5 J8 I
300,000-30,000 = 270,000 mortgage requried
8 {) f9 Y- }# X2 w. J& x 270,000/300,000 = 90% ---- 2% premium % of loan amount (CMHC)
1 p5 w. }1 E1 Y* _" N' i: z 270,000 * 2% = 5,400
* S& A# Q+ j7 `! m9 ^* k# ]8 q adjusted mortgage balance: 270,000 + 5,400 = 275,400# t# G$ D; t# V5 K) L% X3 e
3. PV 275,400, N 300, 0.43197466 I/Y, 0 FV, CPT PMT = $1637.20 monthly payment1 c# S+ q+ \ I+ _* x9 k
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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