Question

John and Julie buy a house for $560000. They pay 12% down and finance the rest at 5.43% using a 30 year mortgage. How much money are they putting down?

What is their monthly mortgage payment?

How much interest will they have paid in the first 14 years?

How much principal will they have paid in the first 14-years?

At the end of 14 years, what is their remaining balance?

Answer 1

1.
=560000*12%=67200

2.
=(560000*(1-12%))*(5.43%/12)/(1-1/(1+5.43%/12)^(12*30))=2776.45935203321

3.
=2776.45935203321*12*14-137092.5603=329352.6108

4.
=560000*(1-12%)-355707.4397=137092.5603

5.
=560000*(1-12%)*(1+5.43%/12)^(12*14)-2776.45935203321/(5.43%/12)*((1+5.43%/12)^(12*14)-1)=355707.4397