You buy a house for $175,000 and make a $15,000 down payment.?

Question

You finace the remaining balance for 30 years at 4.625% compounded monthly.
(A.) find your monthly payment
(B.) how much do you owe after making payments for three years?
(C.) how much do you owe after making payments for four years?
(D.) how much principal do you pay off during the fourth year?
(E.) how much interest do you pay during the fourth year?
(F.) how much of your 49th payment goes toward interest? how much goes toward principal?

Answer 1

There are amortization schedules available for free down load or web sites that let you do it on line. Try seaching.

Assuming you make all payments on time and in full and do not make additional payments:

a) 822.62
b) 152,063.05
c) 149,163.56
d) 2,899.49
e) 9.871.44
f) int = 574.90
prin = 247.72

Answer 2

Well to start you better have 35,000 for a down or no decent bank will touch you. Then you have to consider all the other closing costs involved and how you will pay them.

This is simple stuff, do your own work.