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A $136,000.00 home with 30yr mortgage with 1.1% fixed rate. 20% down down payment. How much is the down payment, the monthly payments, interest rate and the loan?

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jepessoa

Answer:

down payment = home value x 20% = $136,000 x 20% = $27,200

loan = home value - down payment = $136,000 - $27,200 = $108,800

interest rate = 1.1% fixed (given) ≈ 0.09167% per month

duration of loan = 30 years or 360 months

monthly payment = present value of loan / PV annuity factor

PV annuity factor, 360 periods, 0.09167% = 306.5134 (I used an online annuity calculator)

monthly payment = $108,800 / 306.5134 = $354.96      

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