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  • MORTGAGE ACTIVITY Example - XLSX - Sheet1

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    Yeesha Angelie Gabito
    9 views2 pages
    1. The document outlines the steps to calculate a monthly mortgage payment, including: downpayment amount of 15% of the purchase price of $20,000 resulting in $3,000 downpayment and $17,000 mortgage loan. 2. An amortization table is generated using an interest rate of 6% annually (0.5% monthly) on the $17,000 loan amount over 24 monthly payments. 3. The amortization table shows the monthly payment is $753.45, splitting that amount between interest and principal over the life of the loan to fully repay the $17,000 loan.

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    MORTGAGE ACTIVITY example.xlsx - Sheet1

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    1. The document outlines the steps to calculate a monthly mortgage payment, including: downpayment amount of 15% of the purchase price of $20,000 resulting in $3,000 downpayment and $17,000 mortgage loan. 2. An amortization table is generated using an interest rate of 6% annually (0.5% monthly) on the $17,000 loan amount over 24 monthly payments. 3. The amortization table shows the monthly payment is $753.45, splitting that amount between interest and principal over the life of the loan to fully repay the $17,000 loan.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    9 views2 pages

    MORTGAGE ACTIVITY Example - XLSX - Sheet1

    Uploaded by

    Yeesha Angelie Gabito
    1. The document outlines the steps to calculate a monthly mortgage payment, including: downpayment amount of 15% of the purchase price of $20,000 resulting in $3,000 downpayment and $17,000 mortgage loan. 2. An amortization table is generated using an interest rate of 6% annually (0.5% monthly) on the $17,000 loan amount over 24 monthly payments. 3. The amortization table shows the monthly payment is $753.45, splitting that amount between interest and principal over the life of the loan to fully repay the $17,000 loan.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    You availed a Mortgage Loan with a 15% downpayment, you have to make a payment

    every month for 730 days. You want to be aware with your monthly payment so you
    computed the following:
    1.Downpayment Amount
    2. Mortgage Loan
    3. Amortization Table Schedule.

    PAYMENT AMOUNT INTEREST PRINCIPAL BALANCE 1. Downpayment= Purchase price x Down payment %
    0 0 0 0 17,000 20000x15%
    1 753.45 85 668.45 16,331.55 3000
    2 753.45 81.65775 671.79 15,659.76
    3 753.45 78.2988 675.15 14,984.61
    4 753.45 74.92305 678.53 14,306.08 2. Mortgage Loan = Purchase price - Down payment
    5 753.45 71.5304 681.92 13,624.16 20000-3000
    6 753.45 68.1208 685.33 12,938.83 17000
    7 753.45 64.69415 688.76 12,250.07
    8 753.45 61.25035 692.20 11,557.87
    9 753.45 57.78935 695.66 10,862.21 3. Amortization Table (solution)
    10 753.45 54.31105 699.14 10,163.07 interest rate = 6%/12
    11 753.45 50.81535 702.63 9,460.44 0.005
    12 753.45 47.3022 706.15 8,754.29 i=0.005
    13 753.45 43.77145 709.68 8,044.61 P=17,000
    14 753.45 40.22305 713.23 7,331.38 n= 24
    15 753.45 36.6569 716.79 6,614.59
    16 753.45 33.07295 720.38 5,894.21 A= 0.005 x 17,000 x (1+0.005)^24
    17 753.45 29.47105 723.98 5,170.23 (1+0.005)^24 - 1
    18 753.45 25.85115 727.60 4,442.63
    19 753.45 22.21315 731.24 3,711.39
    20 753.45 18.55695 734.89 2,976.50 A= 85 x 1.127159776
    21 753.45 14.8825 738.57 2,237.93 0.127159776
    22 753.45 11.18965 742.26 1,495.67
    23 753.45 7.47835 745.97 749.7 A= 95.80858096
    24 753.45 3.7485 749.7 0 0.127159776
    TOTALS - 18,082.80- 1082.8089 - 17,000.00-
    A= 753.4503754
    or 753.45

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