with a mortgage of $142,500.00 at 6% for 15 years what will be owed on property after 9 years?

Answer 1

Mortgage Amount: $142,500.00
Interest Rate: 6.0 %
Mortgage Length: 15 Years
Monthly Payment: $1202.50

The following is an amortization schedule showing how much you'll pay in interest and principal each year (and the remaining balance).

Year Interest Principal Balance
1 $8,385.58 $6,044.38 $136,455.62
2 $8,012.77 $6,417.18 $130,038.44
3 $7,616.97 $6,812.98 $123,225.47
4 $7,196.76 $7,233.19 $115,992.28
5 $6,750.64 $7,679.31 $108,312.97
6 $6,276.99 $8,152.96 $100,160.01
7 $5,774.14 $8,655.81 $91,504.19
8 $5,240.27 $9,189.69 $82,314.51
9 $4,673.47 $9,756.49 $72,558.02 <---
10 $4,071.71 $10,358.24 $62,199.78
11 $3,432.83 $10,997.12 $51,202.66
12 $2,754.56 $11,675.40 $39,527.26
13 $2,034.44 $12,395.51 $27,131.76
14 $1,269.91 $13,160.04 $13,971.72
15 $458.23 $13,971.72 $0.00

So after 9 years you will still owe $72,558.02 (a little more than half).

Answer 2

Now, the mortgage amount is $142,500 @ 6% which means that
at the end of year 15 the compounded amount will reach to

A = 142500(1 +0.06)^15

A = 142500(1.06)^15

A = 142500 * 2.397

A = $341,572.50

Since there are 12 months in a year, which means that the entire amount of $341,572.50 will be paid across 180 months

hence the amount to be paid at the end of each month = $1897.63

At the end of 9 years the amount repaid is = 1897.63 *108 =
$204944.04

Hence the amount paid up in percentage = 204944.04/341572.50 = 60%

Hence after 9 years the property still owed is 40%

Answer 3

In order to pay off a mortgage of $142,500 in 15 years with interest of 6% compounded monthly,
p = 0.005(142,500)/(1-1/(1+0.05)^180) = $1,202.50
The balance remaining after the month m is given by the formula
A(m) = P(1 + i)^m - p((1 + i)^m - 1)/i
A(n) = 0
P(1 + i)^n) = p((1 + i)^n - 1)/i
p = iP(1 + i)^n)/((1 + i)^n - 1) = iP/(1 - 1/1 + i)^n)
A(m) =
P(1 + i)^m - (P(1 + i)^n)((1 + i)^m - 1))/(1 + i)^n) - 1)
A(m) =
P[(1 + i)^m - ((1 + i)^n)((1 + i)^m - 1))/(1 + i)^n) - 1)]
A(108) = $142,000[(1.005^108) - (1.005^180)(((1.005^108) - 1)/((1.005^180) - 1)]
A(108) = $142,500[1.7137 - 2.4541(0.7137/1.4541)
A(108) = $142,500*0.5031565
A(108) = $71,669.80

Note: Due to rounding errors, an amortization table will yield a slightly different value. Since lending institutions use amortization schedules instead of the formula, the value from the table is more realistic, but it was a challenge to work out the formula.

Answer 4

Here is your amortization schedule assuming you are paying $1202 a month.

Interest Principal Balance
2006 $2,130.14 $1,477.36 $141,022.64
2007 $8,294.46 $6,135.54 $134,887.10
2008 $7,916.01 $6,513.99 $128,373.11
2009 $7,514.26 $6,915.74 $121,457.37
2010 $7,087.72 $7,342.28 $114,115.09
2011 $6,634.86 $7,795.14 $106,319.95
2012 $6,154.07 $8,275.93 $98,044.02
2013 $5,643.62 $8,786.38 $89,257.64
2014 $5,101.72 $9,328.28 $79,929.36
2015 $4,526.36 $9,903.64 $70,025.72
2016 $3,915.53 $10,514.47 $59,511.25
2017 $3,267.01 $11,162.99 $48,348.26
2018 $2,578.51 $11,851.49 $36,496.77
2019 $1,847.52 $12,582.48 $23,914.29
2020 $1,071.48 $13,358.52 $10,555.77
2021 $265.63 $10,555.77 $0.00

Answer 5

You can't answer this question without knowing how much the people are paying each month.