You plan to purchase a $175,000 house using a 15 year mortgage obtained from a l
ID: 2651221 • Letter: Y
Question
You plan to purchase a $175,000 house using a 15 year mortgage obtained from a local bank. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. If the monthly payments of the mortgage are $1,317.79: Show your work for each calculation.
A) Calculate the amount of interest and, separately, principal paid in the 60th payment.
B) Calculate the amount of interest and, separately, principal paid in the 180th payment.
C) Calculate the amount of interest paid over the life of the mortgage
Explanation / Answer
Total Loan Borrowed = 175,000 x 80% = $140,000
Following is the Payment Schedule:
EMI number
Total EMI
Interest Amount
Principal Amount
Balance Due
1.
$1317.80
$904.17
$413.63
$139586.37
2.
$1317.80
$901.49
$416.30
$139170.06
3.
$1317.80
$898.81
$418.99
$138751.07
4.
$1317.80
$896.10
$421.70
$138329.37
5.
$1317.80
$893.38
$424.42
$137904.95
6.
$1317.80
$890.64
$427.16
$137477.78
7.
$1317.80
$887.88
$429.92
$137047.86
8.
$1317.80
$885.10
$432.70
$136615.16
9.
$1317.80
$882.31
$435.49
$136179.67
10.
$1317.80
$879.49
$438.31
$135741.36
11.
$1317.80
$876.66
$441.14
$135300.22
12.
$1317.80
$873.81
$443.99
$134856.24
13.
$1317.80
$870.95
$446.85
$134409.38
14.
$1317.80
$868.06
$449.74
$133959.64
15.
$1317.80
$865.16
$452.64
$133507.00
16.
$1317.80
$862.23
$455.57
$133051.43
17.
$1317.80
$859.29
$458.51
$132592.92
18.
$1317.80
$856.33
$461.47
$132131.45
19.
$1317.80
$853.35
$464.45
$131667.00
20.
$1317.80
$850.35
$467.45
$131199.55
21.
$1317.80
$847.33
$470.47
$130729.08
22.
$1317.80
$844.29
$473.51
$130255.57
23.
$1317.80
$841.23
$476.57
$129779.01
24.
$1317.80
$838.16
$479.64
$129299.36
25.
$1317.80
$835.06
$482.74
$128816.62
26.
$1317.80
$831.94
$485.86
$128330.76
27.
$1317.80
$828.80
$498.00
$127841.76
28.
$1317.80
$825.64
$492.15
$127349.61
29.
$1317.80
$822.47
$495.33
$126854.28
30.
$1317.80
$819.27
$498.53
$126355.74
31.
$1317.80
$816.05
$501.75
$125853.99
32.
$1317.80
$812.81
$504.99
$125358.00
33.
$1317.80
$809.54
$508.25
$124840.74
34.
$1317.80
$806.26
$511.54
$124329.21
35.
$1317.80
$802.96
$514.84
$123814.37
36.
$1317.80
$799.63
$518.16
$123296.20
37.
$1317.80
$796.29
$521.51
$122774.69
38.
$1317.80
$792.92
$524.88
$122249.81
39.
$1317.80
$789.53
$528.27
$121721.54
40.
$1317.80
$786.12
$531.68
$121189.86
41.
$1317.80
$782.68
$535.11
$120654.74
42.
$1317.80
$779.23
$538.57
$120116.17
43.
$1317.80
$775.75
$542.05
$119574.12
44.
$1317.80
$772.25
$545.55
$119028.57
45.
$1317.80
$768.73
$549.07
$118479.50
46.
$1317.80
$765.18
$552.62
$117926.88
47.
$1317.80
$761.61
$556.19
$117370.69
48.
$1317.80
$758.02
$559.78
$116810.91
49.
$1317.80
$754.40
$563.40
$116247.51
50.
$1317.80
$750.76
$567.03
$115680.47
51.
$1317.80
$747.10
$570.70
$115109.78
52.
$1317.80
$743.42
$574.38
$114535.39
53.
$1317.80
$739.71
$578.09
$113957.30
54.
$1317.80
$735.97
$581.82
$113375.48
55.
$1317.80
$732.22
$585.58
$112789.89
56.
$1317.80
$728.43
$589.36
$112200.53
57.
$1317.80
$724.63
$593.17
$111607.36
58.
$1317.80
$720.80
$597.00
$111010.35
59.
$1317.80
$716.94
$600.86
$110409.50
60.
$1317.80
$713.06
$604.74
$109804.76
61.
$1317.80
$709.15
$608.64
$109196.11
62.
$1317.80
$705.22
$612.57
$108583.54
63.
$1317.80
$701.27
$616.53
$107967.01
64.
$1317.80
$697.29
$620.51
$107346.49
65.
$1317.80
$693.28
$624.52
$106721.97
66.
$1317.80
$689.25
$628.55
$106093.42
67.
$1317.80
$685.19
$632.61
$105460.81
68.
$1317.80
$681.10
$636.70
$104824.11
69.
$1317.80
$676.99
$640.81
$104183.30
70.
$1317.80
$672.85
$644.95
$103538.35
71.
$1317.80
$668.68
$649.11
$102889.23
72.
$1317.80
$664.49
$653.31
$102235.92
73.
$1317.80
$660.27
$657.53
$101578.40
74.
$1317.80
$656.03
$661.77
$100916.63
75.
$1317.80
$651.75
$666.05
$100250.58
76.
$1317.80
$647.45
$670.35
$99580.23
77.
$1317.80
$643.12
$674.68
$98905.55
78.
$1317.80
$638.76
$679.03
$98226.52
79.
$1317.80
$634.38
$683.42
$97543.10
80.
$1317.80
$629.96
$687.83
$96855.26
81.
$1317.80
$625.52
$692.28
$96162.99
82.
$1317.80
$621.05
$696.75
$95466.24
83.
$1317.80
$616.55
$701.25
$94764.99
84.
$1317.80
$612.02
$705.78
$94059.22
85.
$1317.80
$607.46
$710.33
$93348.88
86.
$1317.80
$602.88
$714.92
$92633.96
87.
$1317.80
$598.26
$719.54
$91914.42
88.
$1317.80
$593.61
$724.19
$91190.23
89.
$1317.80
$588.94
$728.86
$90461.37
90.
$1317.80
$584.23
$733.57
$89727.80
91.
$1317.80
$579.49
$738.31
$88989.49
92.
$1317.80
$574.72
$743.08
$88246.42
93.
$1317.80
$569.92
$747.87
$87498.54
94.
$1317.80
$565.09
$752.70
$86745.84
95.
$1317.80
$560.23
$757.57
$85988.27
96.
$1317.80
$555.34
$762.46
$85225.81
97.
$1317.80
$550.42
$767.38
$84458.43
98.
$1317.80
$545.46
$772.34
$83686.09
99.
$1317.80
$540.47
$777.33
$82908.76
100.
$1317.80
$535.45
$782.35
$82126.41
101.
$1317.80
$530.40
$787.40
$81339.01
102.
$1317.80
$525.31
$792.48
$80546.53
103.
$1317.80
$520.20
$797.60
$79748.92
104.
$1317.80
$515.04
$802.75
$78946.17
105.
$1317.80
$509.86
$807.94
$78138.23
106.
$1317.80
$504.64
$813.16
$77325.07
107.
$1317.80
$499.39
$818.41
$76506.66
108.
$1317.80
$494.10
$823.69
$75682.97
109.
$1317.80
$488.78
$829.01
$74853.96
110.
$1317.80
$483.43
$834.37
$74019.59
111.
$1317.80
$478.04
$839.76
$73179.83
112.
$1317.80
$472.62
$845.18
$72334.65
113.
$1317.80
$467.16
$850.64
$71484.01
114.
$1317.80
$461.67
$856.13
$70627.88
115.
$1317.80
$456.14
$861.66
$69766.22
116.
$1317.80
$450.57
$867.23
$68898.99
117.
$1317.80
$444.97
$872.83
$68026.16
118.
$1317.80
$439.33
$878.46
$67147.70
119.
$1317.80
$433.66
$884.14
$66263.56
120.
$1317.80
$427.95
$889.85
$65373.71
121.
$1317.80
$422.20
$895.59
$64478.12
122.
$1317.80
$416.42
$901.38
$63576.74
123.
$1317.80
$410.60
$907.20
$62669.54
124.
$1317.80
$404.74
$913.06
$61756.48
125.
$1317.80
$398.84
$918.96
$60837.52
126.
$1317.80
$392.91
$924.89
$59912.63
127.
$1317.80
$386.93
$930.86
$58981.77
128.
$1317.80
$380.92
$936.88
$58044.89
129.
$1317.80
$374.87
$942.93
$57101.97
130.
$1317.80
$368.78
$949.02
$56152.95
131.
$1317.80
$362.65
$955.14
$55197.80
132.
$1317.80
$356.48
$961.31
$54236.49
133.
$1317.80
$350.28
$967.52
$53268.97
134.
$1317.80
$344.03
$973.77
$52295.20
135.
$1317.80
$337.74
$980.06
$51315.14
136.
$1317.80
$331.41
$986.39
$50328.75
137.
$1317.80
$325.04
$992.76
$49335.99
138.
$1317.80
$318.63
$999.17
$48336.81
139.
$1317.80
$312.17
$1005.62
$47331.19
140.
$1317.80
$305.68
$1012.12
$46319.07
141.
$1317.80
$299.14
$1018.65
$45300.41
142.
$1317.80
$292.56
$1025.23
$44275.18
143.
$1317.80
$285.94
$1031.86
$43243.32
144.
$1317.80
$279.28
$1038.52
$42204.80
145.
$1317.80
$272.57
$1045.23
$41159.58
146.
$1317.80
$265.82
$1051.98
$40107.60
147.
$1317.80
$259.03
$1058.77
$39048.83
148.
$1317.80
$252.19
$1065.61
$37983.22
149.
$1317.80
$245.31
$1072.49
$36910.73
150.
$1317.80
$238.38
$1079.42
$35831.31
151.
$1317.80
$231.41
$1086.39
$34744.92
152.
$1317.80
$224.39
$1093.40
$33651.51
153.
$1317.80
$217.33
$1100.47
$32551.04
154.
$1317.80
$210.22
$1107.57
$31443.47
155.
$1317.80
$203.07
$1114.73
$30328.74
156.
$1317.80
$195.87
$1121.93
$29206.82
157.
$1317.80
$188.63
$1129.17
$28077.64
158.
$1317.80
$181.33
$1136.46
$26941.18
159.
$1317.80
$173.99
$1143.80
$25797.37
160.
$1317.80
$166.61
$1151.19
$24646.18
161.
$1317.80
$159.17
$1158.63
$23487.55
162.
$1317.80
$151.69
$1166.11
$22321.44
163.
$1317.80
$144.16
$1173.64
$21147.80
164.
$1317.80
$136.58
$1181.22
$19966.58
165.
$1317.80
$128.95
$1188.85
$18777.73
166.
$1317.80
$121.27
$1196.53
$17581.21
167.
$1317.80
$113.54
$1204.25
$16376.95
168.
$1317.80
$105.77
$1212.03
$15164.92
169.
$1317.80
$97.94
$1219.86
$13945.06
170.
$1317.80
$90.06
$1227.74
$12717.32
171.
$1317.80
$82.13
$1235.67
$11481.66
172.
$1317.80
$74.15
$1243.65
$10238.01
173.
$1317.80
$66.12
$1251.68
$8986.33
174.
$1317.80
$58.04
$1259.76
$7726.56
175.
$1317.80
$49.90
$1267.90
$6458.67
176.
$1317.80
$41.71
$1276.09
$5182.58
177.
$1317.80
$33.47
$1284.33
$3898.25
178.
$1317.80
$25.18
$1292.62
$2605.62
179.
$1317.80
$16.83
$1300.97
$1304.65
180.
$1313.08
$8.42
$1304.65
$0.00
1. Amount of Interest in 60th payment = $713.06
Amount of Principal in 60th payment = $604.74
2. Amount of Interest in 180th payment = $8.42
Amount of Principal in 180th payment = $1,304.65
3. Total Interest paid over the life = (1,317.80 x 180) - 140,000 = $97,204
EMI number
Total EMI
Interest Amount
Principal Amount
Balance Due
1.
$1317.80
$904.17
$413.63
$139586.37
2.
$1317.80
$901.49
$416.30
$139170.06
3.
$1317.80
$898.81
$418.99
$138751.07
4.
$1317.80
$896.10
$421.70
$138329.37
5.
$1317.80
$893.38
$424.42
$137904.95
6.
$1317.80
$890.64
$427.16
$137477.78
7.
$1317.80
$887.88
$429.92
$137047.86
8.
$1317.80
$885.10
$432.70
$136615.16
9.
$1317.80
$882.31
$435.49
$136179.67
10.
$1317.80
$879.49
$438.31
$135741.36
11.
$1317.80
$876.66
$441.14
$135300.22
12.
$1317.80
$873.81
$443.99
$134856.24
13.
$1317.80
$870.95
$446.85
$134409.38
14.
$1317.80
$868.06
$449.74
$133959.64
15.
$1317.80
$865.16
$452.64
$133507.00
16.
$1317.80
$862.23
$455.57
$133051.43
17.
$1317.80
$859.29
$458.51
$132592.92
18.
$1317.80
$856.33
$461.47
$132131.45
19.
$1317.80
$853.35
$464.45
$131667.00
20.
$1317.80
$850.35
$467.45
$131199.55
21.
$1317.80
$847.33
$470.47
$130729.08
22.
$1317.80
$844.29
$473.51
$130255.57
23.
$1317.80
$841.23
$476.57
$129779.01
24.
$1317.80
$838.16
$479.64
$129299.36
25.
$1317.80
$835.06
$482.74
$128816.62
26.
$1317.80
$831.94
$485.86
$128330.76
27.
$1317.80
$828.80
$498.00
$127841.76
28.
$1317.80
$825.64
$492.15
$127349.61
29.
$1317.80
$822.47
$495.33
$126854.28
30.
$1317.80
$819.27
$498.53
$126355.74
31.
$1317.80
$816.05
$501.75
$125853.99
32.
$1317.80
$812.81
$504.99
$125358.00
33.
$1317.80
$809.54
$508.25
$124840.74
34.
$1317.80
$806.26
$511.54
$124329.21
35.
$1317.80
$802.96
$514.84
$123814.37
36.
$1317.80
$799.63
$518.16
$123296.20
37.
$1317.80
$796.29
$521.51
$122774.69
38.
$1317.80
$792.92
$524.88
$122249.81
39.
$1317.80
$789.53
$528.27
$121721.54
40.
$1317.80
$786.12
$531.68
$121189.86
41.
$1317.80
$782.68
$535.11
$120654.74
42.
$1317.80
$779.23
$538.57
$120116.17
43.
$1317.80
$775.75
$542.05
$119574.12
44.
$1317.80
$772.25
$545.55
$119028.57
45.
$1317.80
$768.73
$549.07
$118479.50
46.
$1317.80
$765.18
$552.62
$117926.88
47.
$1317.80
$761.61
$556.19
$117370.69
48.
$1317.80
$758.02
$559.78
$116810.91
49.
$1317.80
$754.40
$563.40
$116247.51
50.
$1317.80
$750.76
$567.03
$115680.47
51.
$1317.80
$747.10
$570.70
$115109.78
52.
$1317.80
$743.42
$574.38
$114535.39
53.
$1317.80
$739.71
$578.09
$113957.30
54.
$1317.80
$735.97
$581.82
$113375.48
55.
$1317.80
$732.22
$585.58
$112789.89
56.
$1317.80
$728.43
$589.36
$112200.53
57.
$1317.80
$724.63
$593.17
$111607.36
58.
$1317.80
$720.80
$597.00
$111010.35
59.
$1317.80
$716.94
$600.86
$110409.50
60.
$1317.80
$713.06
$604.74
$109804.76
61.
$1317.80
$709.15
$608.64
$109196.11
62.
$1317.80
$705.22
$612.57
$108583.54
63.
$1317.80
$701.27
$616.53
$107967.01
64.
$1317.80
$697.29
$620.51
$107346.49
65.
$1317.80
$693.28
$624.52
$106721.97
66.
$1317.80
$689.25
$628.55
$106093.42
67.
$1317.80
$685.19
$632.61
$105460.81
68.
$1317.80
$681.10
$636.70
$104824.11
69.
$1317.80
$676.99
$640.81
$104183.30
70.
$1317.80
$672.85
$644.95
$103538.35
71.
$1317.80
$668.68
$649.11
$102889.23
72.
$1317.80
$664.49
$653.31
$102235.92
73.
$1317.80
$660.27
$657.53
$101578.40
74.
$1317.80
$656.03
$661.77
$100916.63
75.
$1317.80
$651.75
$666.05
$100250.58
76.
$1317.80
$647.45
$670.35
$99580.23
77.
$1317.80
$643.12
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$98905.55
78.
$1317.80
$638.76
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$98226.52
79.
$1317.80
$634.38
$683.42
$97543.10
80.
$1317.80
$629.96
$687.83
$96855.26
81.
$1317.80
$625.52
$692.28
$96162.99
82.
$1317.80
$621.05
$696.75
$95466.24
83.
$1317.80
$616.55
$701.25
$94764.99
84.
$1317.80
$612.02
$705.78
$94059.22
85.
$1317.80
$607.46
$710.33
$93348.88
86.
$1317.80
$602.88
$714.92
$92633.96
87.
$1317.80
$598.26
$719.54
$91914.42
88.
$1317.80
$593.61
$724.19
$91190.23
89.
$1317.80
$588.94
$728.86
$90461.37
90.
$1317.80
$584.23
$733.57
$89727.80
91.
$1317.80
$579.49
$738.31
$88989.49
92.
$1317.80
$574.72
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$88246.42
93.
$1317.80
$569.92
$747.87
$87498.54
94.
$1317.80
$565.09
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$86745.84
95.
$1317.80
$560.23
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$85988.27
96.
$1317.80
$555.34
$762.46
$85225.81
97.
$1317.80
$550.42
$767.38
$84458.43
98.
$1317.80
$545.46
$772.34
$83686.09
99.
$1317.80
$540.47
$777.33
$82908.76
100.
$1317.80
$535.45
$782.35
$82126.41
101.
$1317.80
$530.40
$787.40
$81339.01
102.
$1317.80
$525.31
$792.48
$80546.53
103.
$1317.80
$520.20
$797.60
$79748.92
104.
$1317.80
$515.04
$802.75
$78946.17
105.
$1317.80
$509.86
$807.94
$78138.23
106.
$1317.80
$504.64
$813.16
$77325.07
107.
$1317.80
$499.39
$818.41
$76506.66
108.
$1317.80
$494.10
$823.69
$75682.97
109.
$1317.80
$488.78
$829.01
$74853.96
110.
$1317.80
$483.43
$834.37
$74019.59
111.
$1317.80
$478.04
$839.76
$73179.83
112.
$1317.80
$472.62
$845.18
$72334.65
113.
$1317.80
$467.16
$850.64
$71484.01
114.
$1317.80
$461.67
$856.13
$70627.88
115.
$1317.80
$456.14
$861.66
$69766.22
116.
$1317.80
$450.57
$867.23
$68898.99
117.
$1317.80
$444.97
$872.83
$68026.16
118.
$1317.80
$439.33
$878.46
$67147.70
119.
$1317.80
$433.66
$884.14
$66263.56
120.
$1317.80
$427.95
$889.85
$65373.71
121.
$1317.80
$422.20
$895.59
$64478.12
122.
$1317.80
$416.42
$901.38
$63576.74
123.
$1317.80
$410.60
$907.20
$62669.54
124.
$1317.80
$404.74
$913.06
$61756.48
125.
$1317.80
$398.84
$918.96
$60837.52
126.
$1317.80
$392.91
$924.89
$59912.63
127.
$1317.80
$386.93
$930.86
$58981.77
128.
$1317.80
$380.92
$936.88
$58044.89
129.
$1317.80
$374.87
$942.93
$57101.97
130.
$1317.80
$368.78
$949.02
$56152.95
131.
$1317.80
$362.65
$955.14
$55197.80
132.
$1317.80
$356.48
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$54236.49
133.
$1317.80
$350.28
$967.52
$53268.97
134.
$1317.80
$344.03
$973.77
$52295.20
135.
$1317.80
$337.74
$980.06
$51315.14
136.
$1317.80
$331.41
$986.39
$50328.75
137.
$1317.80
$325.04
$992.76
$49335.99
138.
$1317.80
$318.63
$999.17
$48336.81
139.
$1317.80
$312.17
$1005.62
$47331.19
140.
$1317.80
$305.68
$1012.12
$46319.07
141.
$1317.80
$299.14
$1018.65
$45300.41
142.
$1317.80
$292.56
$1025.23
$44275.18
143.
$1317.80
$285.94
$1031.86
$43243.32
144.
$1317.80
$279.28
$1038.52
$42204.80
145.
$1317.80
$272.57
$1045.23
$41159.58
146.
$1317.80
$265.82
$1051.98
$40107.60
147.
$1317.80
$259.03
$1058.77
$39048.83
148.
$1317.80
$252.19
$1065.61
$37983.22
149.
$1317.80
$245.31
$1072.49
$36910.73
150.
$1317.80
$238.38
$1079.42
$35831.31
151.
$1317.80
$231.41
$1086.39
$34744.92
152.
$1317.80
$224.39
$1093.40
$33651.51
153.
$1317.80
$217.33
$1100.47
$32551.04
154.
$1317.80
$210.22
$1107.57
$31443.47
155.
$1317.80
$203.07
$1114.73
$30328.74
156.
$1317.80
$195.87
$1121.93
$29206.82
157.
$1317.80
$188.63
$1129.17
$28077.64
158.
$1317.80
$181.33
$1136.46
$26941.18
159.
$1317.80
$173.99
$1143.80
$25797.37
160.
$1317.80
$166.61
$1151.19
$24646.18
161.
$1317.80
$159.17
$1158.63
$23487.55
162.
$1317.80
$151.69
$1166.11
$22321.44
163.
$1317.80
$144.16
$1173.64
$21147.80
164.
$1317.80
$136.58
$1181.22
$19966.58
165.
$1317.80
$128.95
$1188.85
$18777.73
166.
$1317.80
$121.27
$1196.53
$17581.21
167.
$1317.80
$113.54
$1204.25
$16376.95
168.
$1317.80
$105.77
$1212.03
$15164.92
169.
$1317.80
$97.94
$1219.86
$13945.06
170.
$1317.80
$90.06
$1227.74
$12717.32
171.
$1317.80
$82.13
$1235.67
$11481.66
172.
$1317.80
$74.15
$1243.65
$10238.01
173.
$1317.80
$66.12
$1251.68
$8986.33
174.
$1317.80
$58.04
$1259.76
$7726.56
175.
$1317.80
$49.90
$1267.90
$6458.67
176.
$1317.80
$41.71
$1276.09
$5182.58
177.
$1317.80
$33.47
$1284.33
$3898.25
178.
$1317.80
$25.18
$1292.62
$2605.62
179.
$1317.80
$16.83
$1300.97
$1304.65
180.
$1313.08
$8.42
$1304.65
$0.00
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