1 |
The down payment
= The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05) $0.00 = $35,089.00 X (0 / 100) |
2 |
The interest rate = The annual interest percentage divided by 100 0.0675 = 6.75% / 100 |
The monthly factor = The result of the following formula: | |
3 |
The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year) 0.005625 = 0.0675 / 12 |
4 |
The month term of the loan in months = The number of years you've taken the loan out for times 12 60 Months = 5 Years X 12 |
5 |
The montly payment is figured out using the following formula: Monthly Payment = 3508900 * (00056 / (1 - ((1 + 00056) -(60)))) The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan. |
Month | Interest Paid | Principal Paid | Remaing Balance |
1 | $197.38 | $493.30 | $34,595.70 |
2 | $194.60 | $496.07 | $34,099.63 |
3 | $191.81 | $498.86 | $33,600.77 |
4 | $189.00 | $501.67 | $33,099.10 |
5 | $186.18 | $504.49 | $32,594.61 |
6 | $183.34 | $507.33 | $32,087.28 |
7 | $180.49 | $510.18 | $31,577.10 |
8 | $177.62 | $513.05 | $31,064.05 |
9 | $174.74 | $515.94 | $30,548.11 |
10 | $171.83 | $518.84 | $30,029.27 |
11 | $168.91 | $521.76 | $29,507.51 |
12 | $165.98 | $524.69 | $28,982.82 |
Totals for year 1 | |||
You will spend $8,288.08 on your house in year 1 $2,181.89 will go towards INTEREST $6,106.18 will go towards PRINCIPAL |
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Month | Interest Paid | Principal Paid | Remaing Balance |
13 | $163.03 | $527.64 | $28,455.17 |
14 | $160.06 | $530.61 | $27,924.56 |
15 | $157.08 | $533.60 | $27,390.96 |
16 | $154.07 | $536.60 | $26,854.36 |
17 | $151.06 | $539.62 | $26,314.75 |
18 | $148.02 | $542.65 | $25,772.09 |
19 | $144.97 | $545.70 | $25,226.39 |
20 | $141.90 | $548.77 | $24,677.62 |
21 | $138.81 | $551.86 | $24,125.75 |
22 | $135.71 | $554.97 | $23,570.79 |
23 | $132.59 | $558.09 | $23,012.70 |
24 | $129.45 | $561.23 | $22,451.47 |
Totals for year 2 | |||
You will spend $8,288.08 on your house in year 2 $1,756.73 will go towards INTEREST $6,531.34 will go towards PRINCIPAL |
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Month | Interest Paid | Principal Paid | Remaing Balance |
25 | $126.29 | $564.38 | $21,887.09 |
26 | $123.11 | $567.56 | $21,319.53 |
27 | $119.92 | $570.75 | $20,748.78 |
28 | $116.71 | $573.96 | $20,174.82 |
29 | $113.48 | $577.19 | $19,597.63 |
30 | $110.24 | $580.44 | $19,017.20 |
31 | $106.97 | $583.70 | $18,433.49 |
32 | $103.69 | $586.98 | $17,846.51 |
33 | $100.39 | $590.29 | $17,256.22 |
34 | $97.07 | $593.61 | $16,662.62 |
35 | $93.73 | $596.95 | $16,065.67 |
36 | $90.37 | $600.30 | $15,465.37 |
Totals for year 3 | |||
You will spend $8,288.08 on your house in year 3 $1,301.97 will go towards INTEREST $6,986.11 will go towards PRINCIPAL |
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Month | Interest Paid | Principal Paid | Remaing Balance |
37 | $86.99 | $603.68 | $14,861.69 |
38 | $83.60 | $607.08 | $14,254.61 |
39 | $80.18 | $610.49 | $13,644.12 |
40 | $76.75 | $613.92 | $13,030.20 |
41 | $73.29 | $617.38 | $12,412.82 |
42 | $69.82 | $620.85 | $11,791.97 |
43 | $66.33 | $624.34 | $11,167.62 |
44 | $62.82 | $627.86 | $10,539.77 |
45 | $59.29 | $631.39 | $9,908.38 |
46 | $55.73 | $634.94 | $9,273.44 |
47 | $52.16 | $638.51 | $8,634.93 |
48 | $48.57 | $642.10 | $7,992.83 |
Totals for year 4 | |||
You will spend $8,288.08 on your house in year 4 $815.54 will go towards INTEREST $7,472.54 will go towards PRINCIPAL |
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Month | Interest Paid | Principal Paid | Remaing Balance |
49 | $44.96 | $645.71 | $7,347.12 |
50 | $41.33 | $649.35 | $6,697.77 |
51 | $37.67 | $653.00 | $6,044.78 |
52 | $34.00 | $656.67 | $5,388.10 |
53 | $30.31 | $660.36 | $4,727.74 |
54 | $26.59 | $664.08 | $4,063.66 |
55 | $22.86 | $667.81 | $3,395.85 |
56 | $19.10 | $671.57 | $2,724.27 |
57 | $15.32 | $675.35 | $2,048.93 |
58 | $11.53 | $679.15 | $1,369.78 |
59 | $7.70 | $682.97 | $686.81 |
60 | $3.86 | $686.81 | $0.00 |
Totals for year 5 | |||
You will spend $8,288.08 on your house in year 5 $295.24 will go towards INTEREST $7,992.83 will go towards PRINCIPAL |
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