Calculate your expected monthly mortgage payment

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Reference no: EM131914002

You plan to buy a house in Houston in January 2018. The sale price is $350,000. You need to pay 20% down payments and borrow additional 80% from Wells Fargo with a 20-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from March 2018 for a total of 20 years.

(1) Calculate your expected monthly mortgage payment.

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

(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: EM131914002

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