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What is the interest paid over the life of the mortgage

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Reference no: EM133111874

Suppose you take out a 30-year mortgage for $100,000 at 7% annual interest. Say the Home value is $125,000 and you must put down 20% down payment. Four things you want to know are:

-What is the Down Payment? What is the Loan Amount?

-What are the monthly mortgage payments for the Loan Amount?

-Pay-off Quote: What would be the Loan Balance after some time?

-1 year later [12 Payments]

-5 years [60 payments]

-10 years [120 Payments]?

What is the Interest Paid over the Life of the Mortgage?

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Reference no: EM133111874

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