Mortgage worksheet

1. Total monthly payment: $2,086.30

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$350,000.00}-\mathrm{\$350,000.00}\times \mathrm{25\%}$$=\mathrm{\$262,500.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{6.8\%}}{12}$$=0.00566667$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months

   $\frac{\mathrm{\$262,500.00}\times 0.00566667}{1-{\left(1+0.00566667\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,711.30}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$3,150.00}}{12}+\frac{\mathrm{\$1,350.00}}{12}$$=\mathrm{\$375.00}$

5. Add it all up to get what you pay each month

   $\mathrm{\$1,711.30}+\mathrm{\$262.50}+\mathrm{\$112.50}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$2,086.30}$

6. Find the total interest: everything you pay toward the loan over 360 months, minus what you borrowed

   $\mathrm{\$1,711.30}\times 360-\mathrm{\$262,500.00}$$=\mathrm{\$353,569.30}$

2. Total monthly payment: $2,957.86

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$365,000.00}-\mathrm{\$365,000.00}\times \mathrm{15\%}$$=\mathrm{\$310,250.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{7\%}}{12}$$=0.00583333$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 240 months

   $\frac{\mathrm{\$310,250.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-240}}}$$=\mathrm{\$2,405.36}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$4,380.00}}{12}+\frac{\mathrm{\$2,250.00}}{12}$$=\mathrm{\$552.50}$

5. Add it all up to get what you pay each month

   $\mathrm{\$2,405.36}+\mathrm{\$365.00}+\mathrm{\$187.50}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$2,957.86}$

6. Find the total interest: everything you pay toward the loan over 240 months, minus what you borrowed

   $\mathrm{\$2,405.36}\times 240-\mathrm{\$310,250.00}$$=\mathrm{\$267,037.59}$

3. Total monthly payment: $3,959.74

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$320,000.00}-\mathrm{\$320,000.00}\times \mathrm{5\%}$$=\mathrm{\$304,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{6.4\%}}{12}$$=0.00533333$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 120 months

   $\frac{\mathrm{\$304,000.00}\times 0.00533333}{1-{\left(1+0.00533333\right)}^{\mathrm{-120}}}$$=\mathrm{\$3,436.41}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$4,480.00}}{12}+\frac{\mathrm{\$1,800.00}}{12}$$=\mathrm{\$523.33}$

5. Add it all up to get what you pay each month

   $\mathrm{\$3,436.41}+\mathrm{\$373.33}+\mathrm{\$150.00}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$3,959.74}$

6. Find the total interest: everything you pay toward the loan over 120 months, minus what you borrowed

   $\mathrm{\$3,436.41}\times 120-\mathrm{\$304,000.00}$$=\mathrm{\$108,369.31}$

4. Total monthly payment: $3,049.65

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$550,000.00}-\mathrm{\$550,000.00}\times \mathrm{25\%}$$=\mathrm{\$412,500.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{5.4\%}}{12}$$=0.0045$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months

   $\frac{\mathrm{\$412,500.00}\times 0.0045}{1-{\left(1+0.0045\right)}^{\mathrm{-360}}}$$=\mathrm{\$2,316.31}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$6,600.00}}{12}+\frac{\mathrm{\$2,200.00}}{12}$$=\mathrm{\$733.33}$

5. Add it all up to get what you pay each month

   $\mathrm{\$2,316.31}+\mathrm{\$550.00}+\mathrm{\$183.33}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$3,049.65}$

6. Find the total interest: everything you pay toward the loan over 360 months, minus what you borrowed

   $\mathrm{\$2,316.31}\times 360-\mathrm{\$412,500.00}$$=\mathrm{\$421,373.23}$

5. Total monthly payment: $1,861.87

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$320,000.00}-\mathrm{\$320,000.00}\times \mathrm{20\%}$$=\mathrm{\$256,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{5.5\%}}{12}$$=0.00458333$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 360 months

   $\frac{\mathrm{\$256,000.00}\times 0.00458333}{1-{\left(1+0.00458333\right)}^{\mathrm{-360}}}$$=\mathrm{\$1,453.54}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$3,200.00}}{12}+\frac{\mathrm{\$1,700.00}}{12}$$=\mathrm{\$408.33}$

5. Add it all up to get what you pay each month

   $\mathrm{\$1,453.54}+\mathrm{\$266.67}+\mathrm{\$141.67}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$1,861.87}$

6. Find the total interest: everything you pay toward the loan over 360 months, minus what you borrowed

   $\mathrm{\$1,453.54}\times 360-\mathrm{\$256,000.00}$$=\mathrm{\$267,274.34}$

6. Total monthly payment: $2,494.93

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$240,000.00}-\mathrm{\$240,000.00}\times \mathrm{20\%}$$=\mathrm{\$192,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{6\%}}{12}$$=0.005$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 120 months

   $\frac{\mathrm{\$192,000.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-120}}}$$=\mathrm{\$2,131.59}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$3,360.00}}{12}+\frac{\mathrm{\$1,000.00}}{12}$$=\mathrm{\$363.33}$

5. Add it all up to get what you pay each month

   $\mathrm{\$2,131.59}+\mathrm{\$280.00}+\mathrm{\$83.33}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$2,494.93}$

6. Find the total interest: everything you pay toward the loan over 120 months, minus what you borrowed

   $\mathrm{\$2,131.59}\times 120-\mathrm{\$192,000.00}$$=\mathrm{\$63,791.24}$

7. Total monthly payment: $5,815.21

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$460,000.00}-\mathrm{\$460,000.00}\times \mathrm{10\%}$$=\mathrm{\$414,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{9\%}}{12}$$=0.0075$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 120 months

   $\frac{\mathrm{\$414,000.00}\times 0.0075}{1-{\left(1+0.0075\right)}^{\mathrm{-120}}}$$=\mathrm{\$5,244.38}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$4,600.00}}{12}+\frac{\mathrm{\$2,250.00}}{12}$$=\mathrm{\$570.83}$

5. Add it all up to get what you pay each month

   $\mathrm{\$5,244.38}+\mathrm{\$383.33}+\mathrm{\$187.50}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$5,815.21}$

6. Find the total interest: everything you pay toward the loan over 120 months, minus what you borrowed

   $\mathrm{\$5,244.38}\times 120-\mathrm{\$414,000.00}$$=\mathrm{\$215,325.24}$

8. Total monthly payment: $3,718.33

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$380,000.00}-\mathrm{\$380,000.00}\times \mathrm{10\%}$$=\mathrm{\$342,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{8\%}}{12}$$=0.00666667$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 180 months

   $\frac{\mathrm{\$342,000.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-180}}}$$=\mathrm{\$3,268.33}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$3,800.00}}{12}+\frac{\mathrm{\$1,600.00}}{12}$$=\mathrm{\$450.00}$

5. Add it all up to get what you pay each month

   $\mathrm{\$3,268.33}+\mathrm{\$316.67}+\mathrm{\$133.33}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$3,718.33}$

6. Find the total interest: everything you pay toward the loan over 180 months, minus what you borrowed

   $\mathrm{\$3,268.33}\times 180-\mathrm{\$342,000.00}$$=\mathrm{\$246,299.42}$

9. Total monthly payment: $5,126.20

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$425,000.00}-\mathrm{\$425,000.00}\times \mathrm{10\%}$$=\mathrm{\$382,500.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{8\%}}{12}$$=0.00666667$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 120 months

   $\frac{\mathrm{\$382,500.00}\times 0.00666667}{1-{\left(1+0.00666667\right)}^{\mathrm{-120}}}$$=\mathrm{\$4,640.78}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$3,825.00}}{12}+\frac{\mathrm{\$2,000.00}}{12}$$=\mathrm{\$485.42}$

5. Add it all up to get what you pay each month

   $\mathrm{\$4,640.78}+\mathrm{\$318.75}+\mathrm{\$166.67}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$5,126.20}$

6. Find the total interest: everything you pay toward the loan over 120 months, minus what you borrowed

   $\mathrm{\$4,640.78}\times 120-\mathrm{\$382,500.00}$$=\mathrm{\$174,393.66}$

10. Total monthly payment: $4,070.81

1. Find how much you borrow: the home price minus your down payment

   $\mathrm{\$400,000.00}-\mathrm{\$400,000.00}\times \mathrm{15\%}$$=\mathrm{\$340,000.00}$

2. Turn the yearly rate into a monthly rate by dividing by 12, because interest is charged every month

   $i$$=\frac{\mathrm{5\%}}{12}$$=0.00416667$

3. Find the monthly loan payment (principal and interest). A standard formula gives the one amount that pays off the loan, with interest, in 120 months

   $\frac{\mathrm{\$340,000.00}\times 0.00416667}{1-{\left(1+0.00416667\right)}^{\mathrm{-120}}}$$=\mathrm{\$3,606.23}$

4. Spread the yearly property tax and home insurance over 12 months

   $\frac{\mathrm{\$4,000.00}}{12}+\frac{\mathrm{\$1,575.00}}{12}$$=\mathrm{\$464.58}$

5. Add it all up to get what you pay each month

   $\mathrm{\$3,606.23}+\mathrm{\$333.33}+\mathrm{\$131.25}+\mathrm{\$0.00}+\mathrm{\$0.00}$$=\mathrm{\$4,070.81}$

6. Find the total interest: everything you pay toward the loan over 120 months, minus what you borrowed

   $\mathrm{\$3,606.23}\times 120-\mathrm{\$340,000.00}$$=\mathrm{\$92,747.30}$