For the first loan payment, how much money will go towards interest and how much money will go towards the outstanding b
Posted: Wed Jul 06, 2022 6:45 pm
For the first loan payment, how much money will go towardsinterest and how much money will go towards the outstandingbalance?
Is my answer for this correct^?
So assuming that I am buying a $450,000home and put in a %20 downpayment of $90,0 00 then I would havea total mortgage of $360,000. Now assuming it is compoundedmonthly and a 30-yearmortgage with an annualinterest rate of %3.5 then I wouldhave monthly payments of approximately$1616.56. Furthermore, over the 30 years ofmonthly payments, I would pay approximately $581961.92 whichis $221961.92 of interest fromthe original $360,000 outstanding balance. This would meanwith my first monthly payment approximately$616.56 will go to the accumulated interest andapproximately $1000 to the original outstandingbalance.
Is my answer for this correct^?
So assuming that I am buying a $450,000home and put in a %20 downpayment of $90,0 00 then I would havea total mortgage of $360,000. Now assuming it is compoundedmonthly and a 30-yearmortgage with an annualinterest rate of %3.5 then I wouldhave monthly payments of approximately$1616.56. Furthermore, over the 30 years ofmonthly payments, I would pay approximately $581961.92 whichis $221961.92 of interest fromthe original $360,000 outstanding balance. This would meanwith my first monthly payment approximately$616.56 will go to the accumulated interest andapproximately $1000 to the original outstandingbalance.