Calculate expected monthly mortgage payment

Assignment Help Financial Management

Reference no: EM131991890

You plan to buy a house in Houston in May 2018. The sale price is $380,000. You need to pay 20% down payments and borrow additional 80% from bank of America with a traditional 30-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from June 2018 for a total of 30 years.

(1) Calculate your expected monthly mortgage payment.

(2) Develop the 2018~2038 amortization table for your mortgage loan.

(1) When you prepare your 2018 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?

Reference no: EM131991890

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