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Mortgage Project
Alhan Samimi

Payment
Purchase

Price: \$201,000

Down

Payment: \$20,100
Amount: \$180,900

Mortgage

30 Year Mortgage
P

M T = P(r/12)/ 1- (1+r/12)^-12y

180,900(0.04975/12)/1-(1+0.04975/12)^-12(30)
180,900(0.00414583)/1-(1.00414583)^-360 749.980647/1-.22550487507 749.980647/ \$968.35

0.77449512492

Amortization Schedule
Monthly

\$968.35

Total

## interest paid over 30 years

\$167,704.53

Total

amount paid

\$348,604.53

Observation
The

payment for interest is higher the first couple of years and then after about 16 years more of your monthly payment goes toward the principle. of first payment when more of the payment goes toward principal then interest

Number

194

## Minimum Monthly Take Home Pay

n x 35%= \$968.35

n x .35= \$968.35/.35
= \$2,766.70

## Minimum Gross Annual Salary

73%

x n= 2,766.70

.73

x n = 2,766.70/.73

n =\$3,790

## Selling the House

F=

Pe^(rt)

F=
F= F=

201.000e^(.04x10)
(201.00)e^(.4) \$299,856.76

Selling

\$299,856.76

Original

down payment

\$20,100

Mortgage

\$116.202

The

## principal balance on your loan after ten years

\$147,036.48

10

Gain or Loose
You

gained money because you only paid a total of \$283,338.48 after ten years and you sold the house for \$299,856.76. So you gained \$16,518.28

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15 Year Mortgage
P

M T = P(r/12)/1-(1+r/12)^-12y

180,900(0.04735/12)/1-(1+0.04735/12)^-12(15)
180,900(0.00394583)/1-(1.00394583)^-180 713.800647/1-(0.49220902087) 713.800647/0.50779097913 \$1,405.70

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Amortization Schedule
Monthly

\$1,405.70

Total

\$72,125.51

Total

amount paid

\$253,025.51

Number

## of first payment when more goes toward principal than

interest

13

Length

of time to pay off loan with additional payments of \$100 per month
13.6

Total

interest paid over the life of the loan with additional \$100 monthly payment
\$64,713.29

Total

## amount paid with additional \$100 monthly payments

\$245,613.29

14

Compare

If you add \$100 to your monthly payment then you would be bale to pay off your mortgage about 2 years earlier. You would end up gaining \$ 7,412.22 overall

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Reflection
This