Question

You got a well-paying job in Finance and took out a mortgage for your house. It is paid monthly. The

amount you borrowed is $790,000, at a monthly rate of 0.5% for the next 30 years (360 months). Use

0.5% as both the interest rate you are paying and the discount rate r.

a. What types of loans are there, and what kind of loan is this most likely?

b. Show an amortization schedule if this loan had constant monthly payments. How much do you

have to pay every month? You can solve for C by hand.

c. Make a graph to show how much of these payments is interest and how much is paying off the

principal. Add axis labels and a legend.

d. After 10 years, how much of the house do you own? (What is your equity percentage in the

house)?

a. Extra credit: Use an HLOOKUP function in your formula (1 point extra)

b. Extra credit: Use an Index / Match function combination in your formula (1 point extra)

e. What other costs should you consider when buying a house?

f. As a rule of thumb, what percentage of income should you spend on a mortgage? (Google) .

What annual income does that imply for the house in this example? Do you agree with the rule

of thumb?

g. In a few years, how can you decide whether you should refinance the house?

Answer 1

a.There are several types of loans but some of he most common are rate -

1.Fixed Rate loan:- It offers single interest rate for monthly payments for the life of loan, typically 15 or 30 years

Good for:-

The ones who crave for predictablility and who plans to stay in their home for atleast a good chunk of the life of loan.

Rise and fall in interest rates won't change the terms of your home loan and you can calculate your payments in advance.

2.Adjustable Rate Mortgage:- It offers interest rates lower than fixed rates mortgages for a period of time such as 5 or 10 years, rather than the life of loan.But after that interest rates will adjust corresponding to current interest rates. It may be shoot up or plummet.

Good for:-

The ones who plans to move and sell their home before their fixed rate period is over.

The ones who are having low credit scores

3.FHA loan:- It requires down payment and having several requirements for mortgage loans like limitation on mortgage amount and do not provide much flexibility

b.Fixed Rate loan Payments      
      
   Amount   790,000
   Monthly Fixed rate   0.50%
   Term (Years)   30
   Months   360
Months   Principal amount   Interest   Total Payment   Beginning Balance   Ending Blance
                  
1   $786.45    $3,950.00    $4,736.45    790,000    789,213.55
2   $790.38    $3,942.14    $4,732.52    789,213.55    788,423.17
3   $794.33    $3,934.25    $4,728.58    788,423.17    787,628.84
4   $798.30    $3,926.32    $4,724.63    787,628.84    786,830.53
5   $802.30    $3,918.37    $4,720.67    786,830.53    786,028.23
6   $806.31    $3,910.38    $4,716.69    786,028.23    785,221.93
7   $810.34    $3,902.36    $4,712.70    785,221.93    784,411.59
8   $814.39    $3,894.31    $4,708.70    784,411.59    783,597.20
9   $818.46    $3,886.23    $4,704.69    783,597.20    782,778.73
10   $822.56    $3,878.12    $4,700.67    782,778.73    781,956.18
11   $826.67    $3,869.97    $4,696.64    781,956.18    781,129.51
12   $830.80    $3,861.79    $4,692.59    781,129.51    780,298.71
13   $834.96    $3,853.58    $4,688.54    780,298.71    779,463.75
14   $839.13    $3,845.34    $4,684.47    779,463.75    778,624.62
15   $843.33    $3,837.07    $4,680.39    778,624.62    777,781.30
16   $847.54    $3,828.76    $4,676.30    777,781.30    776,933.75
17   $851.78    $3,820.42    $4,672.20    776,933.75    776,081.97
18   $856.04    $3,812.05    $4,668.09    776,081.97    775,225.93
19   $860.32    $3,803.64    $4,663.96    775,225.93    774,365.61
20   $864.62    $3,795.20    $4,659.82    774,365.61    773,500.99
21   $868.94    $3,786.73    $4,655.68    773,500.99    772,632.05
22   $873.29    $3,778.23    $4,651.52    772,632.05    771,758.76
23   $877.66    $3,769.69    $4,647.35    771,758.76    770,881.10
24   $882.04    $3,761.12    $4,643.17    770,881.10    769,999.06
25   $886.45    $3,752.52    $4,638.98    769,999.06    769,112.61
26   $890.89    $3,743.89    $4,634.77    769,112.61    768,221.72
27   $895.34    $3,735.22    $4,630.56    768,221.72    767,326.38
28   $899.82    $3,726.52    $4,626.33    767,326.38    766,426.56
29   $904.32    $3,717.78    $4,622.10    766,426.56    765,522.25
30   $908.84    $3,709.01    $4,617.85    765,522.25    764,613.41
31   $913.38    $3,700.21    $4,613.60    764,613.41    763,700.03
32   $917.95    $3,691.38    $4,609.33    763,700.03    762,782.08
33   $922.54    $3,682.51    $4,605.05    762,782.08    761,859.54
34   $927.15    $3,673.61    $4,600.76    761,859.54    760,932.39
35   $931.79    $3,664.67    $4,596.46    760,932.39    760,000.60
36   $936.45    $3,655.70    $4,592.15    760,000.60    759,064.15
37   $941.13    $3,646.70    $4,587.83    759,064.15    758,123.03
38   $945.83    $3,637.66    $4,583.50    758,123.03    757,177.19
39   $950.56    $3,628.59    $4,579.15    757,177.19    756,226.63
40   $955.32    $3,619.49    $4,574.80    756,226.63    755,271.31
41   $960.09    $3,610.35    $4,570.44    755,271.31    754,311.22
42   $964.89    $3,601.17    $4,566.07    754,311.22    753,346.33
43   $969.72    $3,591.97    $4,561.68    753,346.33    752,376.61
44   $974.57    $3,582.73    $4,557.29    752,376.61    751,402.04
45   $979.44    $3,573.45    $4,552.89    751,402.04    750,422.60
46   $984.34    $3,564.14    $4,548.48    750,422.60    749,438.27
47   $989.26    $3,554.80    $4,544.05    749,438.27    748,449.01
48   $994.20    $3,545.42    $4,539.62    748,449.01    747,454.81
49   $999.18    $3,536.00    $4,535.18    747,454.81    746,455.63
50   $1,004.17    $3,526.56    $4,530.73    746,455.63    745,451.46
51   $1,009.19    $3,517.08    $4,526.27    745,451.46    744,442.27
52   $1,014.24    $3,507.56    $4,521.80    744,442.27    743,428.03
53   $1,019.31    $3,498.01    $4,517.32    743,428.03    742,408.72
54   $1,024.41    $3,488.42    $4,512.83    742,408.72    741,384.32
55   $1,029.53    $3,478.80    $4,508.33    741,384.32    740,354.79
56   $1,034.68    $3,469.15    $4,503.82    740,354.79    739,320.11
57   $1,039.85    $3,459.46    $4,499.31    739,320.11    738,280.26
58   $1,045.05    $3,449.73    $4,494.78    738,280.26    737,235.22
59   $1,050.27    $3,439.97    $4,490.25    737,235.22    736,184.94
60   $1,055.52    $3,430.18    $4,485.70    736,184.94    735,129.42
61   $1,060.80    $3,420.35    $4,481.15    735,129.42    734,068.62
62   $1,066.11    $3,410.49    $4,476.59    734,068.62    733,002.51
63   $1,071.44    $3,400.59    $4,472.02    733,002.51    731,931.07
64   $1,076.79    $3,390.65    $4,467.45    731,931.07    730,854.28
65   $1,082.18    $3,380.68    $4,462.86    730,854.28    729,772.10
66   $1,087.59    $3,370.68    $4,458.27    729,772.10    728,684.51
67   $1,093.03    $3,360.64    $4,453.67    728,684.51    727,591.49
68   $1,098.49    $3,350.57    $4,449.06    727,591.49    726,493.00
69   $1,103.98    $3,340.46    $4,444.44    726,493.00    725,389.01
70   $1,109.50    $3,330.31    $4,439.82    725,389.01    724,279.51
71   $1,115.05    $3,320.13    $4,435.18    724,279.51    723,164.46
72   $1,120.63    $3,309.92    $4,430.54    723,164.46    722,043.83
73   $1,126.23    $3,299.67    $4,425.90    722,043.83    720,917.60
74   $1,131.86    $3,289.38    $4,421.24    720,917.60    719,785.74
75   $1,137.52    $3,279.06    $4,416.58    719,785.74    718,648.22
76   $1,143.21    $3,268.70    $4,411.91    718,648.22    717,505.01
77   $1,148.92    $3,258.31    $4,407.24    717,505.01    716,356.09
78   $1,154.67    $3,247.89    $4,402.56    716,356.09    715,201.42
79   $1,160.44    $3,237.42    $4,397.87    715,201.42    714,040.97
80   $1,166.24    $3,226.93    $4,393.17    714,040.97    712,874.73
81   $1,172.08    $3,216.39    $4,388.47    712,874.73    711,702.65
82   $1,177.94    $3,205.83    $4,383.76    711,702.65    710,524.72
83   $1,183.83    $3,195.22    $4,379.05    710,524.72    709,340.89
84   $1,189.74    $3,184.59    $4,374.33    709,340.89    708,151.15
85   $1,195.69    $3,173.91    $4,369.61    708,151.15    706,955.46
86   $1,201.67    $3,163.20    $4,364.87    706,955.46    705,753.78
87   $1,207.68    $3,152.46    $4,360.14    705,753.78    704,546.10
88   $1,213.72    $3,141.68    $4,355.40    704,546.10    703,332.38
89   $1,219.79    $3,130.86    $4,350.65    703,332.38    702,112.60
90   $1,225.89    $3,120.01    $4,345.90    702,112.60    700,886.71
91   $1,232.02    $3,109.13    $4,341.14    700,886.71    699,654.70
92   $1,238.18    $3,098.21    $4,336.38    699,654.70    698,416.52
93   $1,244.37    $3,087.25    $4,331.62    698,416.52    697,172.15
94   $1,250.59    $3,076.26    $4,326.85    697,172.15    695,921.56
95   $1,256.84    $3,065.23    $4,322.07    695,921.56    694,664.72
96   $1,263.13    $3,054.17    $4,317.30    694,664.72    693,401.60
97   $1,269.44    $3,043.07    $4,312.52    693,401.60    692,132.16
98   $1,275.79    $3,031.94    $4,307.73    692,132.16    690,856.37
99   $1,282.17    $3,020.78    $4,302.94    690,856.37    689,574.20
100   $1,288.58    $3,009.57    $4,298.15    689,574.20    688,285.62
101   $1,295.02    $2,998.34    $4,293.36    688,285.62    686,990.60
102   $1,301.50    $2,987.06    $4,288.56    686,990.60    685,689.11
103   $1,308.00    $2,975.76    $4,283.76    685,689.11    684,381.10
104   $1,314.54    $2,964.41    $4,278.96    684,381.10    683,066.56
105   $1,321.12    $2,953.04    $4,274.15    683,066.56    681,745.44
106   $1,327.72    $2,941.63    $4,269.35    681,745.44    680,417.72
107   $1,334.36    $2,930.18    $4,264.54    680,417.72    679,083.36
108   $1,341.03    $2,918.70    $4,259.73    679,083.36    677,742.33
109   $1,347.74    $2,907.18    $4,254.92    677,742.33    676,394.59
110   $1,354.48    $2,895.63    $4,250.11    676,394.59    675,040.11
111   $1,361.25    $2,884.05    $4,245.29    675,040.11    673,678.87
112   $1,368.05    $2,872.43    $4,240.48    673,678.87    672,310.81
113   $1,374.90    $2,860.77    $4,235.67    672,310.81    670,935.92
114   $1,381.77    $2,849.08    $4,230.85    670,935.92    669,554.15
115   $1,388.68    $2,837.36    $4,226.04    669,554.15    668,165.47
116   $1,395.62    $2,825.60    $4,221.22    668,165.47    666,769.85
117   $1,402.60    $2,813.81    $4,216.41    666,769.85    665,367.25
118   $1,409.61    $2,801.98    $4,211.60    665,367.25    663,957.63
119   $1,416.66    $2,790.12    $4,206.79    663,957.63    662,540.97
120   $1,423.74    $2,778.23    $4,201.98    662,540.97    661,117.23
121   $1,430.86    $2,766.30    $4,197.17    661,117.23    659,686.36
122   $1,438.02    $2,754.34    $4,192.36    659,686.36    658,248.35
123   $1,445.21    $2,742.35    $4,187.55    658,248.35    656,803.14
124   $1,452.43    $2,730.32    $4,182.75    656,803.14    655,350.71
125   $1,459.70    $2,718.26    $4,177.95    655,350.71    653,891.01
126   $1,466.99    $2,706.16    $4,173.16    653,891.01    652,424.02
127   $1,474.33    $2,694.03    $4,168.36    652,424.02    650,949.69
128   $1,481.70    $2,681.87    $4,163.57    650,949.69    649,467.99
129   $1,489.11    $2,669.68    $4,158.78    649,467.99    647,978.88
130   $1,496.55    $2,657.45    $4,154.00    647,978.88    646,482.32
131   $1,504.04    $2,645.19    $4,149.22    646,482.32    644,978.28
132   $1,511.56    $2,632.89    $4,144.45    644,978.28    643,466.73
133   $1,519.12    $2,620.57    $4,139.68    643,466.73    641,947.61
134   $1,526.71    $2,608.21    $4,134.92    641,947.61    640,420.90
135   $1,534.34    $2,595.82    $4,130.16    640,420.90    638,886.56
136   $1,542.02    $2,583.39    $4,125.41    638,886.56    637,344.54
137   $1,549.73    $2,570.94    $4,120.66    637,344.54    635,794.81
138   $1,557.48    $2,558.45    $4,115.92    635,794.81    634,237.34
139   $1,565.26    $2,545.93    $4,111.19    634,237.34    632,672.08
140   $1,573.09    $2,533.38    $4,106.47    632,672.08    631,098.99
141   $1,580.95    $2,520.80    $4,101.75    631,098.99    629,518.03
142   $1,588.86    $2,508.18    $4,097.04    629,518.03    627,929.17
143   $1,596.80    $2,495.54    $4,092.34    627,929.17    626,332.37
144   $1,604.79    $2,482.86    $4,087.65    626,332.37    624,727.58
145   $1,612.81    $2,470.16    $4,082.97    624,727.58    623,114.77
146   $1,620.88    $2,457.42    $4,078.29    623,114.77    621,493.90
147   $1,628.98    $2,444.65    $4,073.63    621,493.90    619,864.92
148   $1,637.12    $2,431.85    $4,068.98    619,864.92    618,227.79
149   $1,645.31    $2,419.02    $4,064.33    618,227.79    616,582.48
150   $1,653.54    $2,406.16    $4,059.70    616,582.48    614,928.95
151   $1,661.80    $2,393.28    $4,055.08    614,928.95    613,267.14
152   $1,670.11    $2,380.36    $4,050.47    613,267.14    611,597.03
153   $1,678.46    $2,367.41    $4,045.87    611,597.03    609,918.56
154   $1,686.86    $2,354.43    $4,041.29    609,918.56    608,231.71
155   $1,695.29    $2,341.43    $4,036.72    608,231.71    606,536.42
156   $1,703.77    $2,328.40    $4,032.16    606,536.42    604,832.65
157   $1,712.29    $2,315.33    $4,027.62    604,832.65    603,120.36
158   $1,720.85    $2,302.24    $4,023.09    603,120.36    601,399.52
159   $1,729.45    $2,289.12    $4,018.57    601,399.52    599,670.06
160   $1,738.10    $2,275.98    $4,014.07    599,670.06    597,931.97
161   $1,746.79    $2,262.80    $4,009.59    597,931.97    596,185.18
162   $1,755.52    $2,249.60    $4,005.12    596,185.18    594,429.65
163   $1,764.30    $2,236.37    $4,000.67    594,429.65    592,665.35
164   $1,773.12    $2,223.12    $3,996.24    592,665.35    590,892.23
165   $1,781.99    $2,209.83    $3,991.82    590,892.23    589,110.24
166   $1,790.90    $2,196.52    $3,987.42    589,110.24    587,319.34
167   $1,799.85    $2,183.19    $3,983.04    587,319.34    585,519.49
168   $1,808.85    $2,169.83    $3,978.68    585,519.49    583,710.64
169   $1,817.90    $2,156.44    $3,974.34    583,710.64    581,892.74
170   $1,826.99    $2,143.03    $3,970.02    581,892.74    580,065.76
171   $1,836.12    $2,129.60    $3,965.72    580,065.76    578,229.64
172   $1,845.30    $2,116.14    $3,961.44    578,229.64    576,384.34
173   $1,854.53    $2,102.65    $3,957.18    576,384.34    574,529.81
174   $1,863.80    $2,089.14    $3,952.94    574,529.81    572,666.01
175   $1,873.12    $2,075.61    $3,948.73    572,666.01    570,792.89
176   $1,882.48    $2,062.05    $3,944.54    570,792.89    568,910.41
177   $1,891.90    $2,048.48    $3,940.37    568,910.41    567,018.51
178   $1,901.36    $2,034.87    $3,936.23    567,018.51    565,117.15
179   $1,910.86    $2,021.25    $3,932.11    565,117.15    563,206.29
180   $1,920.42    $2,007.60    $3,928.02    563,206.29    561,285.87
181   $1,930.02    $1,993.94    $3,923.96    561,285.87    559,355.85
182   $1,939.67    $1,980.25    $3,919.92    559,355.85    557,416.18
183   $1,949.37    $1,966.54    $3,915.90    557,416.18    555,466.81
184   $1,959.12    $1,952.81    $3,911.92    555,466.81    553,507.70
185   $1,968.91    $1,939.06    $3,907.97    553,507.70    551,538.79
186   $1,978.76    $1,925.29    $3,904.04    551,538.79    549,560.03
187   $1,988.65    $1,911.50    $3,900.14    549,560.03    547,571.38
188   $1,998.59    $1,897.69    $3,896.28    547,571.38    545,572.79
189   $2,008.59    $1,883.86    $3,892.44    545,572.79    543,564.21
190   $2,018.63    $1,870.01    $3,888.64    543,564.21    541,545.58
191   $2,028.72    $1,856.15    $3,884.87    541,545.58    539,516.86
192   $2,038.86    $1,842.27    $3,881.13    539,516.86    537,477.99
193   $2,049.06    $1,828.37    $3,877.43    537,477.99    535,428.93
194   $2,059.30    $1,814.46    $3,873.76    535,428.93    533,369.63
195   $2,069.60    $1,800.53    $3,870.13    533,369.63    531,300.03
196   $2,079.95    $1,786.58    $3,866.53    531,300.03    529,220.08
197   $2,090.35    $1,772.62    $3,862.97    529,220.08    527,129.73
198   $2,100.80    $1,758.64    $3,859.44    527,129.73    525,028.93
199   $2,111.30    $1,744.65    $3,855.96    525,028.93    522,917.62
200   $2,121.86    $1,730.65    $3,852.51    522,917.62    520,795.76
201   $2,132.47    $1,716.63    $3,849.10    520,795.76    518,663.29
202   $2,143.13    $1,702.61    $3,845.74    518,663.29    516,520.16
203   $2,153.85    $1,688.56    $3,842.41    516,520.16    514,366.31
204   $2,164.62    $1,674.51    $3,839.13    514,366.31    512,201.69
205   $2,175.44    $1,660.45    $3,835.89    512,201.69    510,026.25
206   $2,186.32    $1,646.37    $3,832.69    510,026.25    507,839.94
207   $2,197.25    $1,632.29    $3,829.54    507,839.94    505,642.69
208   $2,208.24    $1,618.19    $3,826.43    505,642.69    503,434.45
209   $2,219.28    $1,604.09    $3,823.37    503,434.45    501,215.17
210   $2,230.37    $1,589.98    $3,820.35    501,215.17    498,984.80
211   $2,241.53    $1,575.86    $3,817.38    498,984.80    496,743.28
212   $2,252.73    $1,561.73    $3,814.47    496,743.28    494,490.54
213   $2,264.00    $1,547.60    $3,811.60    494,490.54    492,226.55
214   $2,275.32    $1,533.46    $3,808.78    492,226.55    489,951.23
215   $2,286.69    $1,519.32    $3,806.01    489,951.23    487,664.54
216   $2,298.13    $1,505.17    $3,803.30    487,664.54    485,366.41
217   $2,309.62    $1,491.02    $3,800.63    485,366.41    483,056.79
218   $2,321.17    $1,476.86    $3,798.03    483,056.79    480,735.63
219   $2,332.77    $1,462.70    $3,795.47    480,735.63    478,402.86
220   $2,344.43    $1,448.54    $3,792.97    478,402.86    476,058.42
221   $2,356.16    $1,434.38    $3,790.53    476,058.42    473,702.26
222   $2,367.94    $1,420.21    $3,788.15    473,702.26    471,334.33
223   $2,379.78    $1,406.05    $3,785.83    471,334.33    468,954.55
224   $2,391.68    $1,391.89    $3,783.56    468,954.55    466,562.87
225   $2,403.63    $1,377.73    $3,781.36    466,562.87    464,159.24
226   $2,415.65    $1,363.57    $3,779.22    464,159.24    461,743.59
227   $2,427.73    $1,349.41    $3,777.14    461,743.59    459,315.85
228   $2,439.87    $1,335.26    $3,775.13    459,315.85    456,875.98
229   $2,452.07    $1,321.11    $3,773.18    456,875.98    454,423.92
230   $2,464.33    $1,306.97    $3,771.30    454,423.92    451,959.59
231   $2,476.65    $1,292.83    $3,769.48    451,959.59    449,482.93
232   $2,489.03    $1,278.70    $3,767.74    449,482.93    446,993.90
233   $2,501.48    $1,264.58    $3,766.06    446,993.90    444,492.42
234   $2,513.99    $1,250.47    $3,764.45    444,492.42    441,978.43
235   $2,526.56    $1,236.36    $3,762.92    441,978.43    439,451.88
236   $2,539.19    $1,222.27    $3,761.46    439,451.88    436,912.69
237   $2,551.89    $1,208.18    $3,760.07    436,912.69    434,360.80
238   $2,564.65    $1,194.11    $3,758.75    434,360.80    431,796.16
239   $2,577.47    $1,180.05    $3,757.52    431,796.16    429,218.69
240   $2,590.36    $1,166.00    $3,756.36    429,218.69    426,628.33
241   $2,603.31    $1,151.97    $3,755.28    426,628.33    424,025.02
242   $2,616.32    $1,137.96    $3,754.28    424,025.02    421,408.70
243   $2,629.41    $1,123.96    $3,753.36    421,408.70    418,779.29
244   $2,642.55    $1,109.98    $3,752.53    418,779.29    416,136.74
245   $2,655.77    $1,096.01    $3,751.78    416,136.74    413,480.98
246   $2,669.04    $1,082.07    $3,751.11    413,480.98    410,811.93
247   $2,682.39    $1,068.14    $3,750.53    410,811.93    408,129.54
248   $2,695.80    $1,054.24    $3,750.04    408,129.54    405,433.74
249   $2,709.28    $1,040.36    $3,749.64    405,433.74    402,724.46
250   $2,722.83    $1,026.50    $3,749.33    402,724.46    400,001.63
251   $2,736.44    $1,012.67    $3,749.11    400,001.63    397,265.19
252   $2,750.12    $998.86    $3,748.98    397,265.19    394,515.07
253   $2,763.87    $985.08    $3,748.95    394,515.07    391,751.20
254   $2,777.69    $971.32    $3,749.02    391,751.20    388,973.50
255   $2,791.58    $957.60    $3,749.18    388,973.50    386,181.92
256   $2,805.54    $943.90    $3,749.44    386,181.92    383,376.38
257   $2,819.57    $930.24    $3,749.80    383,376.38    380,556.81
258   $2,833.67    $916.60    $3,750.27    380,556.81    377,723.15
259   $2,847.83    $903.00    $3,750.84    377,723.15    374,875.32
260   $2,862.07    $889.44    $3,751.51    374,875.32    372,013.24
261   $2,876.38    $875.91    $3,752.29    372,013.24    369,136.86
262   $2,890.76    $862.42    $3,753.18    369,136.86    366,246.10
263   $2,905.22    $848.96    $3,754.18    366,246.10    363,340.88
264   $2,919.74    $835.55    $3,755.29    363,340.88    360,421.13
265   $2,934.34    $822.17    $3,756.52    360,421.13    357,486.79
266   $2,949.02    $808.84    $3,757.86    357,486.79    354,537.77
267   $2,963.76    $795.55    $3,759.31    354,537.77    351,574.01
268   $2,978.58    $782.31    $3,760.88    351,574.01    348,595.43
269   $2,993.47    $769.11    $3,762.58    348,595.43    345,601.96
270   $3,008.44    $755.95    $3,764.39    345,601.96    342,593.52
271   $3,023.48    $742.85    $3,766.33    342,593.52    339,570.04
272   $3,038.60    $729.80    $3,768.40    339,570.04    336,531.44
273   $3,053.79    $716.79    $3,770.59    336,531.44    333,477.65
274   $3,069.06    $703.84    $3,772.90    333,477.65    330,408.59
275   $3,084.41    $690.95    $3,775.35    330,408.59    327,324.18
276   $3,099.83    $678.11    $3,777.94    327,324.18    324,224.35
277   $3,115.33    $665.33    $3,780.65    324,224.35    321,109.03
278   $3,130.90    $652.60    $3,783.51    321,109.03    317,978.12
279   $3,146.56    $639.94    $3,786.50    317,978.12    314,831.56
280   $3,162.29    $627.33    $3,789.63    314,831.56    311,669.27
281   $3,178.10    $614.80    $3,792.90    311,669.27    308,491.17
282   $3,193.99    $602.32    $3,796.31    308,491.17    305,297.18
283   $3,209.96    $589.91    $3,799.88    305,297.18    302,087.21
284   $3,226.01    $577.57    $3,803.59    302,087.21    298,861.20
285   $3,242.14    $565.30    $3,807.45    298,861.20    295,619.06
286   $3,258.35    $553.11    $3,811.46    295,619.06    292,360.70
287   $3,274.65    $540.98    $3,815.63    292,360.70    289,086.06
288   $3,291.02    $528.93    $3,819.95    289,086.06    285,795.04
289   $3,307.47    $516.95    $3,824.43    285,795.04    282,487.57
290   $3,324.01    $505.06    $3,829.07    282,487.57    279,163.55
291   $3,340.63    $493.24    $3,833.87    279,163.55    275,822.92
292   $3,357.33    $481.51    $3,838.84    275,822.92    272,465.59
293   $3,374.12    $469.86    $3,843.98    272,465.59    269,091.47
294   $3,390.99    $458.29    $3,849.28    269,091.47    265,700.48
295   $3,407.95    $446.81    $3,854.76    265,700.48    262,292.53
296   $3,424.99    $435.43    $3,860.41    262,292.53    258,867.54
297   $3,442.11    $424.13    $3,866.24    258,867.54    255,425.43
298   $3,459.32    $412.93    $3,872.25    255,425.43    251,966.11
299   $3,476.62    $401.82    $3,878.43    251,966.11    248,489.49
300   $3,494.00    $390.80    $3,884.81    248,489.49    244,995.49
301   $3,511.47    $379.89    $3,891.36    244,995.49    241,484.02
302   $3,529.03    $369.08    $3,898.11    241,484.02    237,954.99
303   $3,546.67    $358.37    $3,905.04    237,954.99    234,408.31
304   $3,564.41    $347.77    $3,912.18    234,408.31    230,843.91
305   $3,582.23    $337.27    $3,919.50    230,843.91    227,261.68
306   $3,600.14    $326.89    $3,927.03    227,261.68    223,661.54
307   $3,618.14    $316.61    $3,934.75    223,661.54    220,043.39
308   $3,636.23    $306.45    $3,942.68    220,043.39    216,407.16
309   $3,654.41    $296.41    $3,950.82    216,407.16    212,752.75
310   $3,672.69    $286.48    $3,959.16    212,752.75    209,080.06
311   $3,691.05    $276.67    $3,967.72    209,080.06    205,389.01
312   $3,709.50    $266.99    $3,976.50    205,389.01    201,679.51
313   $3,728.05    $257.43    $3,985.49    201,679.51    197,951.46
314   $3,746.69    $248.00    $3,994.70    197,951.46    194,204.77
315   $3,765.43    $238.71    $4,004.13    194,204.77    190,439.34
316   $3,784.25    $229.54    $4,013.79    190,439.34    186,655.09
317   $3,803.17    $220.51    $4,023.68    186,655.09    182,851.91
318   $3,822.19    $211.61    $4,033.80    182,851.91    179,029.73
319   $3,841.30    $202.86    $4,044.16    179,029.73    175,188.42
320   $3,860.51    $194.25    $4,054.75    175,188.42    171,327.92
321   $3,879.81    $185.78    $4,065.59    171,327.92    167,448.11
322   $3,899.21    $177.46    $4,076.67    167,448.11    163,548.90
323   $3,918.70    $169.29    $4,088.00    163,548.90    159,630.20
324   $3,938.30    $161.28    $4,099.58    159,630.20    155,691.90
325   $3,957.99    $153.42    $4,111.41    155,691.90    151,733.91
326   $3,977.78    $145.72    $4,123.50    151,733.91    147,756.13
327   $3,997.67    $138.18    $4,135.84    147,756.13    143,758.46
328   $4,017.66    $130.80    $4,148.46    143,758.46    139,740.80
329   $4,037.75    $123.59    $4,161.34    139,740.80    135,703.06
330   $4,057.93    $116.55    $4,174.49    135,703.06    131,645.12
331   $4,078.22    $109.69    $4,187.91    131,645.12    127,566.90
332   $4,098.61    $103.00    $4,201.61    127,566.90    123,468.29
333   $4,119.11    $96.48    $4,215.59    123,468.29    119,349.18
334   $4,139.70    $90.15    $4,229.86    119,349.18    115,209.47
335   $4,160.40    $84.01    $4,244.41    115,209.47    111,049.07
336   $4,181.20    $78.05    $4,259.25    111,049.07    106,867.87
337   $4,202.11    $72.28    $4,274.39    106,867.87    102,665.76
338   $4,223.12    $66.71    $4,289.83    102,665.76    98,442.64
339   $4,244.24    $61.34    $4,305.57    98,442.64    94,198.40
340   $4,265.46    $56.16    $4,321.62    94,198.40    89,932.95
341   $4,286.78    $51.19    $4,337.97    89,932.95    85,646.16
342   $4,308.22    $46.43    $4,354.64    85,646.16    81,337.94
343   $4,329.76    $41.87    $4,371.63    81,337.94    77,008.18
344   $4,351.41    $37.53    $4,388.94    77,008.18    72,656.77
345   $4,373.17    $33.41    $4,406.58    72,656.77    68,283.61
346   $4,395.03    $29.51    $4,424.54    68,283.61    63,888.58
347   $4,417.01    $25.83    $4,442.84    63,888.58    59,471.57
348   $4,439.09    $22.39    $4,461.48    59,471.57    55,032.48
349   $4,461.29    $19.17    $4,480.45    55,032.48    50,571.19
350   $4,483.59    $16.19    $4,499.78    50,571.19    46,087.60
351   $4,506.01    $13.44    $4,519.45    46,087.60    41,581.59
352   $4,528.54    $10.94    $4,539.48    41,581.59    37,053.05
353   $4,551.18    $8.69    $4,559.87    37,053.05    32,501.86
354   $4,573.94    $6.69    $4,580.63    32,501.86    27,927.92
355   $4,596.81    $4.94    $4,601.75    27,927.92    23,331.12
356   $4,619.79    $3.45    $4,623.24    23,331.12    18,711.32
357   $4,642.89    $2.22    $4,645.11    18,711.32    14,068.43
358   $4,666.11    $1.25    $4,667.36    14,068.43    9,402.32
359   $4,689.44    $0.56    $4,690.00    9,402.32    4,712.88
360   $4,712.88    $0.14    $4,713.03    4,712.88    (0.00)

d. Upto 10 years total principal payment= 8043

% of equity= 8043/790000= 1.02%

e. Other cost for buying home

1.Insurance cost

2.Title fees

3. Property transfer taxes

4.Government fees

5.Loan processing fees

f. 28% is the percentage of your annual gross income that goes towards paying your mortgage and in general it should not exceed 28%