Posted by allen on Sunday, November 21, 2010 at 7:25pm.
Purchase a home for $160,000. I intend to put down 20% and finance the remainder over 15 years at 6 3/8% interest. If my taxes & insurance totals $3,600 per year, how much will my total monthly payment be?

finance mortgage payment  Reiny, Sunday, November 21, 2010 at 7:33pm
I will calculate the mortgage payment first, since I don't know how your jurisdiction handles taxes and insurance.
20% down leaves you with 80% of 160 000 or $128 000
i = .06375/12 = .0053125
n = 15*12 = 180
128 000 = paym[ 1 + 1.0053125^180]/.0053125
payment = $1106.24
monthly taxes (if no interest is involved by simply dividing it by 12) = 3600/12 = 300
so your monthly payment would be sum of those two
or $1406.24

finance mortgage payment  elizabeth, Tuesday, November 5, 2013 at 11:08am
Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $195,000 home if you put 20% down and financed the remaining with a 30year mortgage at 6% interest compared to a 30year mortgage at interest?
Answer This Question
Related Questions
 Finance  Audrey Sanborn has just arranged to purchase a $550,000 vacation home ...
 Math  If you finance $50,000 of the purchase of your new home at 4.40% ...
 Math  You wish to purchase a house for $200,000 with 20% down. You will have it...
 Economics  Engineering Economics Essay 1: You wish to purchase a home for $150,...
 business  Engineering Economics Essay Question: You wish to purchase a home for...
 Bus Finance  You want to purchase a home. cost $165,000. you have $40,000 ...
 Math  Shantle and Kwamie are planning to buy their first home. Although they ...
 Finance  Suppose that you want to purchase a home for $450,000 with a 30 year ...
 math so confusing plz help  couple finances a house valued at $150,000. They ...
 math  acouple finances a house valued at $150,000. They make a $10,000 down ...
More Related Questions