Cost of Home $210,500 Downpayment 10% 30 Year Mortgage @5.3% Interest 3 4 5 Downpayment will be $ 21,050 ($ 210,500*10%) Need of Finance - $ 1,89,450 ($ 210,500 - $ 21,050) Monthly Payment will be $1,052.03 Total Interest will be paid on Home by the end of 30 Years will be $ 189,276.43 Amortisation schedule for all 360 Months of the Home Loan
Number Payment Number Amount 1,89,450.00 Amount Paid to Amount Paid Interest 215,29 216,24 | 836.74 835,79 834.83 1,83,018.47 1,89,018.47 1,88,801.27 1,88,801.27 832.31 1,88,363.99 1,88,143.30 1,88,143.90 1,88,143.30 1,052.03 | 829.99 1,87,700.80 829.01 829.01 | 1,87,700.80 1,87,477,78 1,87,253.78 1,87,028,79 1,86,802.80 826.04 225.99 1,86,802.80 1,86,802.80 1,052.03 821.01 821.01 1,85,425.77 1,85,192.70 1,052.03 1,052.03| 1,84,958.60 1,84,723.47 1,84,487.30 812.72 1,83,772.52 1,83,532.15 810.60 1,83,048.22 807.39 1,82,560.01 1,052.03 | 1,052.03 1,82,067.48 1,82,067.48 804.13 1,81,570.53 1,81,570,59 1,81,069.30 | 1,81,059.30 1,80,816.99 1,80,563.57 | 797.49 1,79,796.57 1,052.03 1,79,538.64 1,79,279.57 1,79,019.36 731.82 1,052.03 1,052.03 | 1,77,700.96 786.02 784.85 783.67 1,77,700.96 1,77,433.78 1,77,165.42 1,76,895.87། 783.67 268.36 | 269.55 | 1,052.03 | 1,76,895.87 1,76,353.19 1,76,080.05 1,76,080-05 1,75,805.71 1,052.03 | 1,75,530.16 776.48 775.26 276.77 | 277.99 | 1,052.03 1,052.03 | 1,052.03| 1,74,696.18 771.57 1,74,696.18 1,74,415,72 770.34 769.09 1,73,851.03 1,73,851.09 1,052.03 1,73,281.46 1,73,566.30 1,73,281.46| 1,72,994.76 1,72,706,79 1,72,417.55 286.70 1,052.03 1,052.03 | 1,052.03 | 762,79 1,72,417.55 1,72,417.55 761.51 1,71,835.23 293.09 1,052.03 1,052.03 | 757.644 1,71,542.14| 1,71,247,75 1,70,952.06 | 1,70,655.07 1,70,356.77 1,70,057.15 | 755.04 1,052.03| 753.73 296.99 298.30 | 293.62 | 1,70,356.77 1,69,756.21 1,59,453.94 1,69,150.33 748.42 1,052.03 1,69,150.33 1,68,845.38 745,73 1,052.03| 1,68,539.08 1,68,231.43 1,67,322.42 | 743.02 1,67,300.31 1,67,612.05 1,67,300.31 737.53 736.14 1,66,672.63 1,66,356.80 | 1,66,672.69 736.14 315.83| 1,052.03 | 1,65,720.82 318.69 1,65,720.82 1,65,400,72 1,55,720.82 1,55,400,72 1,55,073.21 321.51| 1,052.03 1,64,756.28 1,54,431.32 1,64,756.28 1,54,431.32 1,64,106.13 724.80 1,64,106.13 1,63,778.30 1,53,450.23 1,052.03] ། 1,63,120.11 1,052.03 1,62,788.53 1,62,455.48 325.73 | 327,23 328.67 | 330-12 723.36 721.91 720.45 1,53,120.11 720.45 1,62,788.53 717,51 1,62,120.96 337.48 | 1,61,447.48 1,052.03 1,052.03| 1,052.03 713,06 1,61,108.51 1,60,758.04 1,60,426.07 1,60,082.59 1,60,426.07 1,60,082.59 708.55 109 705.51 703.98 1,052.03 1,052.03 | 348.05 1,60,082.59 1,59,737.59 1,59,391.07 1,59,043.02 1,58,593.43 1,58,342.30 1,59,043.02 1,58,693.43| 1,58,633.43 1,58,342.30 700.30 1,57,983.62 | 1,57,635.38 1,57,273.57 | 1,052.03 | 1,052.03 1,57,635.38 1,57,635.38 694.65 357.38 | 1,56,322.19 694.65 693-07 1,56,322.19 120 1,55,476.83 1,55,111.49 586.69 1,052.03| 1,052.03 1,052.03 | 1,052.03 1,55,111.49 1,54,744,54 1,55,840,56 1,55,476.83 1,55,111.49 1,54,744.54 1,54,375.37 1,54,005,77 1,53,633.93 1,53,260.45 1,54,005.77 1,53,633.93 371.84 1,052.03 1,052.03 | 1,53,260.45 375,13 | 376.73 | 1,052.03 | 1,52,885.32 1,52,508.53 1,52,130.08 1,52,130.08 1,51,749.96 | 130 380.12 671.91 670.23 1,052.03 1,052.03 | 1,51,358.16 385,18 | 1,50,599.49 665.15 1,052.03 | 1,50,212.61 1,43,824.02 1,49,433,71 1,50,212.61 1,49,824.02 1,49,433.71 663.44 660.00 1,052.03 1,052.03| 1,48,647,92 1,48,6447.92 658.27 656.53 1,48,547.32 656.53 653-03 651.26 1,052.03 | 1,052.03 | 1,052.03 1,47,855,17། 1,47,456.17 1,47,055.40 1,47,055.40 402.54 | 1,052.03 | 406,10 | 1,46,248.55 1,45,842.45 1,45,434.56 409.63 1,45,434.56 1,45,024.87 1,44,613.37 1,44,613.37 1,44,613.37 | 1,44,200-05 1,43,784.90 1,43,367.92 | 636.88 1,052.03 | 636.88 151 1,43,784 30 533.21 633.21 1,42,943.10 1,42,528.43 1,42,105.30 | 1,41,681.50 | 1,052.03 | 1,052.03 1,052.03 | 1,42,105.30 156 625,76 1,41,681.50 1,41,255.23 1,40,827.08 1,41,255.23 623.88 1,052.03 | 1,40,397.04 1,40,397.04| 1,39,965.10 1,39,531.25 620-09 1,39,365.10 1.39,531.25 1,38,657.73 614 34 1,39,095.48 1,38,657.79 439.62 1,052.03 | 1,052.03 | 1,052.03 1,052.03| 1,052.03 | 1,052.03 | 1,052.03 | 610,46 608.51 606.55 1,36,887.60 1,36,887.60 449.42 | 451.40 | 600.63 1,35,533.34 1,35,990,74 1,35,539.34 1,35,085.94 1,34,530,54 1,34,173.13 1,35,990,74 1,35,533.34 1,35,085.34 1,34,630,54 598.63 596.63 1,052.03 | 1,052.03 1,33,713.70 1,33,252.24 1,33,713,70 1,33,252.24 590,57 1,052.03 | 1,052.03 1,052.03 | 175 588.53 1,33,252.24 1,32,788.74 1,32,323.19 176 176 1,32,323.19 1.31.855.59 1,31,855.59 1,31,385.92 1,30,914.18 467.60 | 469.67 | 1,052.03 | 582.36 1,30,914.18 1,31,385.32 1,30,914.18 1,30,440.35 1,29,964.43 1,29,486.41 1,29,964.43 576.11 574.01 571.30 574-01 478.02 | 1,052.03 1,23,006.28 1,28,524.03 1,052.03 | 567.65 1,28,524.03 1,28,039.65 1,27,553.13 1,27,054.46 565.51 186 1,27,553.13 1,27,553.13 559.03 1,26,080.63 1,25,585.46| 190 1,26,080.63 556.86 190 1,25,088.10 1,24,588.54 552.47 1,052.03 | 501.76 | 503.98 194 548.05 548-05 1,23,582.80 1,23,582.80 1,052.03 1,23,076.59 1,22,568.15 1,22,057.46 | 1,22,568.15 1,22,568.15 1,052.03 | 198 536.82 515.21] 1,21,544.52 1,21,029.31 1,20,511.83 1,19,332.06 1,21,544,52 1,21,029.31 1,20,511.83 1,19,992.06 1,052.03| 1,052.03 | 519.77 522.07 | 529.96 527.66 1,052.03 1,18,945.62 | 1,18,945,62 1,18,945.62 1,18,418.93 526.69 | 529.01] 1,17,889.92 1,17,358.57 520.68 1,052.03 | 1,052.03 1,17,358.57 1,16,824.87 | 1,17,358.57 1,16,824.87 536.05 | 203 513.61 1,15,750.40 1,052.03 | 1,052.03 | 511.23 1,15,209.60 1,15,209.60 1,14,666,41 504.03 1,14,120.82 1,13,572.82 1,13,022.40 1,052.03 | 1,052.03 | 1,052.03 1,13,572.82 1,13,022.40 493.18 499.18 1,12,463.55 1,11,914.26 1,11,356.52 1,11,356.52 489.35 562.68 | 1,10,233.63 1,10,233.63 1,09,668.47 1,10,233.63 1,09,658.47 1,03,100.81 1,052.03 48437 1,052.03 1,07,357.95 1,07,382.73 1,07,957.35 476,81 1,052.03 | 1,06,224.66 1,052.03 1,05,541.79 466.58 1,04,468.31 1,04,468.31 1,03,877.68 1,04,468.31 1,03,877.68 1,03,284.44 458.73 1,03,284.44 1,052.03 | 1,052.03| 232 535.86 | 1,02,030.03 453.54 1,052.03 | 450.90 448.24 603,79 1,01,488.96 1,00,885.17 1,052.03| 1,052.03 442.30 39,659.59 99,663.59 39,057,77 617,24 97,826.01 241 97,826.01 97,206.04 432.06 429,33 1,052.03 95,957.83 625.45 96,583.34 35,957.89 423.81 1,052.03 630,99 533,78 418.25 93,428.32 33,428.32 92,788.93 1,052.03 1,052.03 639.39 642.21 409.82 33,428.32 92,788.93 32,146.72 91,501.67 90,853.77 404.13 90,853.77 90,203-01 398.40 89,543.38 332.61 88,233.44 88,233.44 87.571.11 86,905.85 | 665.26 86,905.85 383.83 380.88 377.92 1,052.03 84,215.30 371.35 263 358.35 1,052.03 1,052.03 82,852.14 | 82,166,044 80,784.74 80,089.51 356.80 1,052.03 80,089.51| 695.23 80,089.51 353.73 350.644 263 701.39 77,277,75 344,44 77,277,75 76,567.03 75,853,17 75,853.17 720.18 328.67 1,052.03 1,052.03 73,532.62 72,966.07 325.48 71,503.32 313.04 315.81 312.55 59,284.88 68,538.86 283 306-01 302.71 1,052.03 68,538.86 67,789.54 67,036.31] 66,280.96] 733.48 742.74 746.02 749.32 752.63 755.35 759.29 67,789.54 67,036.31 296.08 286 1,052.03 292.74 63,933.02 766,01 63,933.02 1,052.03 1,052.03 1,052.03 279.24 291 279.24 62,450.84 63,223.63 62,450.84 61,674.53 61,674.63 776.21| 272.40 268.95 265.49 786,54 59,325.38 60,111.92 59,325.38 237 57,741.87 56,944.87 251.51 56,144.35 804.06 237.27 52,306,74 814.76 52,306.74 52,088.38 1,052.03 52,088.38 226.43 825.60 50,440.81 50,440.81 43,611.56 48,778.65 48,778.65 309 215.444 836.59 47,942.06 1,052.03 47,101.77 46,257,77 31 ། 208.03 ག 1,052.03 ག 44,558.58 43,703.35 ག 43,703.35 ག 1,052.03 1,052.03 41,381.54 41,114.93 40,244,49 177,75 1,052.03 874.28 39,370.21| 38,492.07 38,492.07 38,492.07 1,052.03 36,724.13 162.20 162.20 1,052.03 893-76 837,71 34,042.83 33,141.16 32,235.50 | 146.37 146.37 32,235.50 905.66 903.66 134.32 134.32 130.27 23,494.46 122.11 1,052.03 333 122.11 929,92 26,716.95 25,782.32 | 335 938.16 24,844,76 25,782.92 24,844.76 23,902.46 1,052.03 1,052.03 105,57 946.46 22,356.00 1,052.03 340 88.74 18,160.62 80.21 17,188.80 75.32 1,052.03 1,052.03 1,052.03 34444 16,212.59 16,212.69 15,232.27 14,247.52 980.42 14,247.52 1,052.03 54.17 49.76 1,052.03 1,002.27 | 10,264.82 9,258.13 8,246.99 7,231.38 8,246.99 7,231.38 31.94 5,186.63 | 6,211.29 5,186.69 4,157.57 1,052.03 1,052.03 356 1,023.12 18.36 2,085.67 1,042.85 1,89,276.23 3,78,726.23 1,89,276.23
There is minor approximation issues at end, you can ignore or can adjust in last instalment amount First Payment to Interest will be $ 836.74 Last Payment to Interest will be $ 4.61 First Payment paid for the Principal will be $ 215.29 Last Payment paid for the Principal will be $ 1047.42 Monthly Payments in the respect of the Principal Amount will increase instament by instalment as the interest will get reduced due to decrease in the outstanding balance After 10 Years, i.e. after 120th Instalment, Money still owe on the home would be $1,55,476.83 (Principal Outstanding) If a sell the house for $3,15,000, I will be left with $ 1,59,523.17 ($ 3,15,000 - $ 1,55,476.83) Total amount Paid Would be '= $21,050 + (1052.03*120) +$ 1,55,476.83 = Downpayment 21,050.00 10 Years Payment 1,26,243.60 Amount Still owed at 10 Years 1,55,476.83 Total amount Paid Would be 3,02,770.43 Sold the House at 3,15,000.00 We make profit out of this transaction Selling amount is more By How much 12,229.57 14 The option is tempting as we have seen above. However, in practicality when we pre close our mortage loan account, we have to pay pre closure charges, we have to consider that amount as well. Also, we have ignored the present value concept here.