You are purchasing a house for $95,000. The lender requires a 10% down payment and will finance the rest with a 30 year fixed rate mortgage with monthly payments at 9 7/8% with two discount points charged.

1. Payment: Calculate the monthly payment.

2. Balance: Calculate the balance of the loan after 2 years.

3. Balance: Calculate the balance of the loan after 3 years.

4. Principal: How much principal is paid back during the third year?

5. Interest: How much interest is paid during the third year?

6. Interest: How much interest is paid in the first month?

7. Interest: How much interest is paid in the 37th month?

8. Principal: How much principal is paid during the first month?

9. Principal: How much principal is paid during the 37th month?

10. Interest: How much interest is paid in the second year?

11. Interest: How much interest is paid over the life of the loan if the loan is held to maturity?

Answer rating: 100% (QA)

Mortgage Calculations for 95000 Loan Here are the calculations for your mortgage 1 Payment Down payment 95000 x 10 9500 Loan amount 95000 9500 85500 D... View the full answer