When a mortgage is for 15 years at a 4.5% interest and the amount borrowed is $2

Question

When a mortgage is for 15 years at a 4.5% interest and the amount borrowed is $200,000 and closing costs are 4% of the new mortgage paid at closing by the buyer what is the...a) monthly mortgage principal and interest payment. b) balance of the mortgage after 5 years? c) total interest paid on the mortgage over ther 15 years? d) what is the first year's total mortgage interest tax deduction, if this is a home? e) what are the closing costs at the time of purchase? f) what is the APR for this mortgage?

Explanation / Answer

FORMULA:

Amount borrowed $200,000.00 Maturity 15 Interest rate 4.50% Monthly payment $1,529.99 Month Beginning Balance Monthly Payment Monthly Interest Monthly Mortgage Principal Ending Balance 1 $200,000.00 $1,529.99 $750.00 $779.99 $199,220.01 2 $199,220.01 $1,529.99 $747.08 $782.91 $198,437.10 3 $198,437.10 $1,529.99 $744.14 $785.85 $197,651.25 4 $197,651.25 $1,529.99 $741.19 $788.80 $196,862.45 5 $196,862.45 $1,529.99 $738.23 $791.76 $196,070.69 6 $196,070.69 $1,529.99 $735.27 $794.72 $195,275.97 7 $195,275.97 $1,529.99 $732.28 $797.71 $194,478.26 8 $194,478.26 $1,529.99 $729.29 $800.70 $193,677.57 9 $193,677.57 $1,529.99 $726.29 $803.70 $192,873.87 10 $192,873.87 $1,529.99 $723.28 $806.71 $192,067.16 11 $192,067.16 $1,529.99 $720.25 $809.74 $191,257.42 12 $191,257.42 $1,529.99 $717.22 $812.77 $190,444.64 13 $190,444.64 $1,529.99 $714.17 $815.82 $189,628.82 14 $189,628.82 $1,529.99 $711.11 $818.88 $188,809.94 15 $188,809.94 $1,529.99 $708.04 $821.95 $187,987.99 16 $187,987.99 $1,529.99 $704.95 $825.04 $187,162.95 17 $187,162.95 $1,529.99 $701.86 $828.13 $186,334.82 18 $186,334.82 $1,529.99 $698.76 $831.23 $185,503.59 19 $185,503.59 $1,529.99 $695.64 $834.35 $184,669.24 20 $184,669.24 $1,529.99 $692.51 $837.48 $183,831.75 21 $183,831.75 $1,529.99 $689.37 $840.62 $182,991.13 22 $182,991.13 $1,529.99 $686.22 $843.77 $182,147.36 23 $182,147.36 $1,529.99 $683.05 $846.94 $181,300.42 24 $181,300.42 $1,529.99 $679.88 $850.11 $180,450.31 25 $180,450.31 $1,529.99 $676.69 $853.30 $179,597.01 26 $179,597.01 $1,529.99 $673.49 $856.50 $178,740.51 27 $178,740.51 $1,529.99 $670.28 $859.71 $177,880.79 28 $177,880.79 $1,529.99 $667.05 $862.94 $177,017.86 29 $177,017.86 $1,529.99 $663.82 $866.17 $176,151.68 30 $176,151.68 $1,529.99 $660.57 $869.42 $175,282.26 31 $175,282.26 $1,529.99 $657.31 $872.68 $174,409.58 32 $174,409.58 $1,529.99 $654.04 $875.95 $173,533.63 33 $173,533.63 $1,529.99 $650.75 $879.24 $172,654.39 34 $172,654.39 $1,529.99 $647.45 $882.54 $171,771.85 35 $171,771.85 $1,529.99 $644.14 $885.85 $170,886.01 36 $170,886.01 $1,529.99 $640.82 $889.17 $169,996.84 37 $169,996.84 $1,529.99 $637.49 $892.50 $169,104.34 38 $169,104.34 $1,529.99 $634.14 $895.85 $168,208.49 39 $168,208.49 $1,529.99 $630.78 $899.21 $167,309.28 40 $167,309.28 $1,529.99 $627.41 $902.58 $166,406.70 41 $166,406.70 $1,529.99 $624.03 $905.96 $165,500.74 42 $165,500.74 $1,529.99 $620.63 $909.36 $164,591.37 43 $164,591.37 $1,529.99 $617.22 $912.77 $163,678.60 44 $163,678.60 $1,529.99 $613.79 $916.20 $162,762.41 45 $162,762.41 $1,529.99 $610.36 $919.63 $161,842.77 46 $161,842.77 $1,529.99 $606.91 $923.08 $160,919.70 47 $160,919.70 $1,529.99 $603.45 $926.54 $159,993.15 48 $159,993.15 $1,529.99 $599.97 $930.02 $159,063.14 49 $159,063.14 $1,529.99 $596.49 $933.50 $158,129.64 50 $158,129.64 $1,529.99 $592.99 $937.00 $157,192.63 51 $157,192.63 $1,529.99 $589.47 $940.52 $156,252.11 52 $156,252.11 $1,529.99 $585.95 $944.04 $155,308.07 53 $155,308.07 $1,529.99 $582.41 $947.58 $154,360.48 54 $154,360.48 $1,529.99 $578.85 $951.14 $153,409.35 55 $153,409.35 $1,529.99 $575.29 $954.70 $152,454.64 56 $152,454.64 $1,529.99 $571.70 $958.29 $151,496.36 57 $151,496.36 $1,529.99 $568.11 $961.88 $150,534.48 58 $150,534.48 $1,529.99 $564.50 $965.49 $149,568.99 59 $149,568.99 $1,529.99 $560.88 $969.11 $148,599.89 60 $148,599.89 $1,529.99 $557.25 $972.74 $147,627.15 61 $147,627.15 $1,529.99 $553.60 $976.39 $146,650.76 62 $146,650.76 $1,529.99 $549.94 $980.05 $145,670.71 63 $145,670.71 $1,529.99 $546.27 $983.72 $144,686.98 64 $144,686.98 $1,529.99 $542.58 $987.41 $143,699.57 65 $143,699.57 $1,529.99 $538.87 $991.12 $142,708.45 66 $142,708.45 $1,529.99 $535.16 $994.83 $141,713.62 67 $141,713.62 $1,529.99 $531.43 $998.56 $140,715.05 68 $140,715.05 $1,529.99 $527.68 $1,002.31 $139,712.75 69 $139,712.75 $1,529.99 $523.92 $1,006.07 $138,706.68 70 $138,706.68 $1,529.99 $520.15 $1,009.84 $137,696.84 71 $137,696.84 $1,529.99 $516.36 $1,013.63 $136,683.21 72 $136,683.21 $1,529.99 $512.56 $1,017.43 $135,665.78 73 $135,665.78 $1,529.99 $508.75 $1,021.24 $134,644.54 74 $134,644.54 $1,529.99 $504.92 $1,025.07 $133,619.47 75 $133,619.47 $1,529.99 $501.07 $1,028.92 $132,590.55 76 $132,590.55 $1,529.99 $497.21 $1,032.78 $131,557.78 77 $131,557.78 $1,529.99 $493.34 $1,036.65 $130,521.13 78 $130,521.13 $1,529.99 $489.45 $1,040.54 $129,480.59 79 $129,480.59 $1,529.99 $485.55 $1,044.44 $128,436.15 80 $128,436.15 $1,529.99 $481.64 $1,048.35 $127,387.80 81 $127,387.80 $1,529.99 $477.70 $1,052.29 $126,335.51 82 $126,335.51 $1,529.99 $473.76 $1,056.23 $125,279.28 83 $125,279.28 $1,529.99 $469.80 $1,060.19 $124,219.09 84 $124,219.09 $1,529.99 $465.82 $1,064.17 $123,154.92 85 $123,154.92 $1,529.99 $461.83 $1,068.16 $122,086.76 86 $122,086.76 $1,529.99 $457.83 $1,072.16 $121,014.60 87 $121,014.60 $1,529.99 $453.80 $1,076.19 $119,938.41 88 $119,938.41 $1,529.99 $449.77 $1,080.22 $118,858.19 89 $118,858.19 $1,529.99 $445.72 $1,084.27 $117,773.92 90 $117,773.92 $1,529.99 $441.65 $1,088.34 $116,685.58 91 $116,685.58 $1,529.99 $437.57 $1,092.42 $115,593.16 92 $115,593.16 $1,529.99 $433.47 $1,096.52 $114,496.65 93 $114,496.65 $1,529.99 $429.36 $1,100.63 $113,396.02 94 $113,396.02 $1,529.99 $425.24 $1,104.75 $112,291.26 95 $112,291.26 $1,529.99 $421.09 $1,108.90 $111,182.37 96 $111,182.37 $1,529.99 $416.93 $1,113.06 $110,069.31 97 $110,069.31 $1,529.99 $412.76 $1,117.23 $108,952.08 98 $108,952.08 $1,529.99 $408.57 $1,121.42 $107,830.66 99 $107,830.66 $1,529.99 $404.36 $1,125.63 $106,705.04 100 $106,705.04 $1,529.99 $400.14 $1,129.85 $105,575.19 101 $105,575.19 $1,529.99 $395.91 $1,134.08 $104,441.11 102 $104,441.11 $1,529.99 $391.65 $1,138.34 $103,302.77 103 $103,302.77 $1,529.99 $387.39 $1,142.60 $102,160.17 104 $102,160.17 $1,529.99 $383.10 $1,146.89 $101,013.28 105 $101,013.28 $1,529.99 $378.80 $1,151.19 $99,862.09 106 $99,862.09 $1,529.99 $374.48 $1,155.51 $98,706.58 107 $98,706.58 $1,529.99 $370.15 $1,159.84 $97,546.74 108 $97,546.74 $1,529.99 $365.80 $1,164.19 $96,382.55 109 $96,382.55 $1,529.99 $361.43 $1,168.56 $95,213.99 110 $95,213.99 $1,529.99 $357.05 $1,172.94 $94,041.06 111 $94,041.06 $1,529.99 $352.65 $1,177.34 $92,863.72 112 $92,863.72 $1,529.99 $348.24 $1,181.75 $91,681.97 113 $91,681.97 $1,529.99 $343.81 $1,186.18 $90,495.79 114 $90,495.79 $1,529.99 $339.36 $1,190.63 $89,305.16 115 $89,305.16 $1,529.99 $334.89 $1,195.10 $88,110.06 116 $88,110.06 $1,529.99 $330.41 $1,199.58 $86,910.48 117 $86,910.48 $1,529.99 $325.91 $1,204.08 $85,706.41 118 $85,706.41 $1,529.99 $321.40 $1,208.59 $84,497.82 119 $84,497.82 $1,529.99 $316.87 $1,213.12 $83,284.69 120 $83,284.69 $1,529.99 $312.32 $1,217.67 $82,067.02 121 $82,067.02 $1,529.99 $307.75 $1,222.24 $80,844.78 122 $80,844.78 $1,529.99 $303.17 $1,226.82 $79,617.96 123 $79,617.96 $1,529.99 $298.57 $1,231.42 $78,386.54 124 $78,386.54 $1,529.99 $293.95 $1,236.04 $77,150.50 125 $77,150.50 $1,529.99 $289.31 $1,240.68 $75,909.82 126 $75,909.82 $1,529.99 $284.66 $1,245.33 $74,664.49 127 $74,664.49 $1,529.99 $279.99 $1,250.00 $73,414.49 128 $73,414.49 $1,529.99 $275.30 $1,254.69 $72,159.81 129 $72,159.81 $1,529.99 $270.60 $1,259.39 $70,900.42 130 $70,900.42 $1,529.99 $265.88 $1,264.11 $69,636.30 131 $69,636.30 $1,529.99 $261.14 $1,268.85 $68,367.45 132 $68,367.45 $1,529.99 $256.38 $1,273.61 $67,093.84 133 $67,093.84 $1,529.99 $251.60 $1,278.39 $65,815.45 134 $65,815.45 $1,529.99 $246.81 $1,283.18 $64,532.27 135 $64,532.27 $1,529.99 $242.00 $1,287.99 $63,244.27 136 $63,244.27 $1,529.99 $237.17 $1,292.82 $61,951.45 137 $61,951.45 $1,529.99 $232.32 $1,297.67 $60,653.78 138 $60,653.78 $1,529.99 $227.45 $1,302.54 $59,351.24 139 $59,351.24 $1,529.99 $222.57 $1,307.42 $58,043.82 140 $58,043.82 $1,529.99 $217.66 $1,312.33 $56,731.49 141 $56,731.49 $1,529.99 $212.74 $1,317.25 $55,414.24 142 $55,414.24 $1,529.99 $207.80 $1,322.19 $54,092.06 143 $54,092.06 $1,529.99 $202.85 $1,327.14 $52,764.91 144 $52,764.91 $1,529.99 $197.87 $1,332.12 $51,432.79 145 $51,432.79 $1,529.99 $192.87 $1,337.12 $50,095.67 146 $50,095.67 $1,529.99 $187.86 $1,342.13 $48,753.54 147 $48,753.54 $1,529.99 $182.83 $1,347.16 $47,406.38 148 $47,406.38 $1,529.99 $177.77 $1,352.22 $46,054.16 149 $46,054.16 $1,529.99 $172.70 $1,357.29 $44,696.88 150 $44,696.88 $1,529.99 $167.61 $1,362.38 $43,334.50 151 $43,334.50 $1,529.99 $162.50 $1,367.49 $41,967.01 152 $41,967.01 $1,529.99 $157.38 $1,372.61 $40,594.40 153 $40,594.40 $1,529.99 $152.23 $1,377.76 $39,216.64 154 $39,216.64 $1,529.99 $147.06 $1,382.93 $37,833.71 155 $37,833.71 $1,529.99 $141.88 $1,388.11 $36,445.60 156 $36,445.60 $1,529.99 $136.67 $1,393.32 $35,052.28 157 $35,052.28 $1,529.99 $131.45 $1,398.54 $33,653.73 158 $33,653.73 $1,529.99 $126.20 $1,403.79 $32,249.95 159 $32,249.95 $1,529.99 $120.94 $1,409.05 $30,840.89 160 $30,840.89 $1,529.99 $115.65 $1,414.34 $29,426.56 161 $29,426.56 $1,529.99 $110.35 $1,419.64 $28,006.92 162 $28,006.92 $1,529.99 $105.03 $1,424.96 $26,581.95 163 $26,581.95 $1,529.99 $99.68 $1,430.31 $25,151.64 164 $25,151.64 $1,529.99 $94.32 $1,435.67 $23,715.97 165 $23,715.97 $1,529.99 $88.93 $1,441.06 $22,274.92 166 $22,274.92 $1,529.99 $83.53 $1,446.46 $20,828.46 167 $20,828.46 $1,529.99 $78.11 $1,451.88 $19,376.58 168 $19,376.58 $1,529.99 $72.66 $1,457.33 $17,919.25 169 $17,919.25 $1,529.99 $67.20 $1,462.79 $16,456.46 170 $16,456.46 $1,529.99 $61.71 $1,468.28 $14,988.18 171 $14,988.18 $1,529.99 $56.21 $1,473.78 $13,514.39 172 $13,514.39 $1,529.99 $50.68 $1,479.31 $12,035.08 173 $12,035.08 $1,529.99 $45.13 $1,484.86 $10,550.22 174 $10,550.22 $1,529.99 $39.56 $1,490.43 $9,059.80 175 $9,059.80 $1,529.99 $33.97 $1,496.02 $7,563.78 176 $7,563.78 $1,529.99 $28.36 $1,501.63 $6,062.15 177 $6,062.15 $1,529.99 $22.73 $1,507.26 $4,554.90 178 $4,554.90 $1,529.99 $17.08 $1,512.91 $3,041.99 179 $3,041.99 $1,529.99 $11.41 $1,518.58 $1,523.41 180 $1,523.41 $1,529.99 $5.71 $1,524.28 -$0.87 Total interest paid $75,397.33

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