Mr. buik is looking at a house listed for $235,000. He is qualified for an interest rate of 5% with a 20% down payment.

What will the downpayment be?
What will the mortgage be after the down payment
What will his monthly payment be for 15 years

Question

Mr. buik is looking at a house listed for $235,000.  He is qualified for an interest rate of 5% with a 20% down payment.

What will the downpayment be?
What will the mortgage be after the down payment
What will his monthly payment be for 15 years

anonymous · Answer

20% down payment = $235000/5 = $47,000
Mortgage after down payment = $235,000-$47,000 = $188,000
Monthly payment = $1,075.03
PV = $47,000
FV = $188,000
N = 180
i = 0.0042