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I am buying a house for $240,000. I will make a down payment of 30% of...

I am buying a house for $240,000. I will make a down payment of 30% of the price and finance the balance over 30 years at 4.8 percent (APR). What will be my monthly mortgage payment?

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Answer #1

- Loan Amount = Price of house*(1- % of Downpayment)

Loan Amount = $240,000*(1-0.30)

Loan Amount = $168,000

Calculating the Monthly Mortgage Payments:-

Where, P = Loan amount = $168,000

r = Periodic Interest rate = 4.8%/12 = 0.4%

n= no of periods = 30 years*12 = 360

Monthly Mortgage Payment = $881.44

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