You found your dream house. It will cost you $200000 and you will put down $40000...

You found your dream house. It will cost you $200000 and you will put down $40000 as a down payment. For the rest you get a 30-year 5.5% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)?

Expert Solution

Loan amount (PV) = 200000 - 40000 = 160000

Nper = 30 years * 12 months = 360 months

Rate per month = 5.50%/12

The monthly payment can be calculated with the help of PMT function of Excel

=PMT(0.055/12,360,-160000,0,0)

= 908.46

Monthly mortgage payment = 908.46

jeff jeffy answered 2 years ago

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