Question

Calculate the mortgage balance 25 days after the 45th payment on a mortgage loan of $200,000, amortised

over 15 years at an interest rate of 5.75%.

Answer 1

Assuming Payments are Monthly Payments.

EMI = Loan / PVAF(r%, n)

= $ 200,000 / PVAF(0.4792% , 180)

=$ 200,000 / 120.4224

= $ 1660.82

Amortization schedule:

Month	Opening Bal	Instalment	Int	Principal Repay	Clsoing Balnce
1	$ 2,00,000.00	$ 1,660.82	$ 958.33	$ 702.49	$ 1,99,297.51
2	$ 1,99,297.51	$ 1,660.82	$ 954.97	$ 705.85	$ 1,98,591.66
3	$ 1,98,591.66	$ 1,660.82	$ 951.59	$ 709.24	$ 1,97,882.43
4	$ 1,97,882.43	$ 1,660.82	$ 948.19	$ 712.63	$ 1,97,169.79
5	$ 1,97,169.79	$ 1,660.82	$ 944.77	$ 716.05	$ 1,96,453.74
6	$ 1,96,453.74	$ 1,660.82	$ 941.34	$ 719.48	$ 1,95,734.26
7	$ 1,95,734.26	$ 1,660.82	$ 937.89	$ 722.93	$ 1,95,011.34
8	$ 1,95,011.34	$ 1,660.82	$ 934.43	$ 726.39	$ 1,94,284.95
9	$ 1,94,284.95	$ 1,660.82	$ 930.95	$ 729.87	$ 1,93,555.07
10	$ 1,93,555.07	$ 1,660.82	$ 927.45	$ 733.37	$ 1,92,821.71
11	$ 1,92,821.71	$ 1,660.82	$ 923.94	$ 736.88	$ 1,92,084.82
12	$ 1,92,084.82	$ 1,660.82	$ 920.41	$ 740.41	$ 1,91,344.41
13	$ 1,91,344.41	$ 1,660.82	$ 916.86	$ 743.96	$ 1,90,600.45
14	$ 1,90,600.45	$ 1,660.82	$ 913.29	$ 747.53	$ 1,89,852.92
15	$ 1,89,852.92	$ 1,660.82	$ 909.71	$ 751.11	$ 1,89,101.81
16	$ 1,89,101.81	$ 1,660.82	$ 906.11	$ 754.71	$ 1,88,347.11
17	$ 1,88,347.11	$ 1,660.82	$ 902.50	$ 758.32	$ 1,87,588.78
18	$ 1,87,588.78	$ 1,660.82	$ 898.86	$ 761.96	$ 1,86,826.83
19	$ 1,86,826.83	$ 1,660.82	$ 895.21	$ 765.61	$ 1,86,061.22
20	$ 1,86,061.22	$ 1,660.82	$ 891.54	$ 769.28	$ 1,85,291.94
21	$ 1,85,291.94	$ 1,660.82	$ 887.86	$ 772.96	$ 1,84,518.98
22	$ 1,84,518.98	$ 1,660.82	$ 884.15	$ 776.67	$ 1,83,742.31
23	$ 1,83,742.31	$ 1,660.82	$ 880.43	$ 780.39	$ 1,82,961.92
24	$ 1,82,961.92	$ 1,660.82	$ 876.69	$ 784.13	$ 1,82,177.79
25	$ 1,82,177.79	$ 1,660.82	$ 872.94	$ 787.88	$ 1,81,389.91
26	$ 1,81,389.91	$ 1,660.82	$ 869.16	$ 791.66	$ 1,80,598.25
27	$ 1,80,598.25	$ 1,660.82	$ 865.37	$ 795.45	$ 1,79,802.80
28	$ 1,79,802.80	$ 1,660.82	$ 861.56	$ 799.27	$ 1,79,003.53
29	$ 1,79,003.53	$ 1,660.82	$ 857.73	$ 803.09	$ 1,78,200.44
30	$ 1,78,200.44	$ 1,660.82	$ 853.88	$ 806.94	$ 1,77,393.49
31	$ 1,77,393.49	$ 1,660.82	$ 850.01	$ 810.81	$ 1,76,582.68
32	$ 1,76,582.68	$ 1,660.82	$ 846.13	$ 814.69	$ 1,75,767.99
33	$ 1,75,767.99	$ 1,660.82	$ 842.22	$ 818.60	$ 1,74,949.39
34	$ 1,74,949.39	$ 1,660.82	$ 838.30	$ 822.52	$ 1,74,126.87
35	$ 1,74,126.87	$ 1,660.82	$ 834.36	$ 826.46	$ 1,73,300.41
36	$ 1,73,300.41	$ 1,660.82	$ 830.40	$ 830.42	$ 1,72,469.98
37	$ 1,72,469.98	$ 1,660.82	$ 826.42	$ 834.40	$ 1,71,635.58
38	$ 1,71,635.58	$ 1,660.82	$ 822.42	$ 838.40	$ 1,70,797.18
39	$ 1,70,797.18	$ 1,660.82	$ 818.40	$ 842.42	$ 1,69,954.77
40	$ 1,69,954.77	$ 1,660.82	$ 814.37	$ 846.45	$ 1,69,108.31
41	$ 1,69,108.31	$ 1,660.82	$ 810.31	$ 850.51	$ 1,68,257.80
42	$ 1,68,257.80	$ 1,660.82	$ 806.24	$ 854.58	$ 1,67,403.22
43	$ 1,67,403.22	$ 1,660.82	$ 802.14	$ 858.68	$ 1,66,544.54
44	$ 1,66,544.54	$ 1,660.82	$ 798.03	$ 862.79	$ 1,65,681.74
45	$1,65,681.74	$1,660.82	$ 793.89	$ 866.93	$1,64,814.82

Balance after 45 Months = $ 164,814.82

Int for 25 Days = CLosing Bal after 45 Months * Int Rate * 25 / 365

= 164814.82 * 5.75% * 25 / 365

= $ 649.10

Outstanding balance after 25Days from 45 Months = CLosing bal after 45 Months + Int for 25 days

= $ 164814.82 + 649.10

= $ 165,463.91