You took a 30-year $750k mortgage that charges 3% interest per year. What percent of the...

You took a 30-year $750k mortgage that charges 3% interest per year. What percent of the mortgage had you paid off at midpoint, i.e., after making your 180th monthly payment?

Expert Solution

Loan value = $750,000

Monthly Interest Rate = 3%/12 = 0.25%

No of Monthly payments = 30 years*12 = 360

Calculating the Cummulative Principal paid off till 180th monthly payment using Excel "CUMPRINC" function:-

So, Cummulative Principal paid off till 180th monthly payment is $292,120.72

- Percent of the mortgage had you paid off at midpoint= Cummulative Principal paid off till 180th monthly payment/Loan amount

= $292,120.72/$750,000

Percent of the mortgage had you paid off at midpoint = 38.95%

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jeff jeffy answered 2 years ago

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