Question

Eight years ago you took out a $400,000, 30-year mortgage with an annual interest rate of 6 percent and monthly payments of $2,398.20. What is the outstanding balance on your current loan if you just make the 96th payment?

Answer 1

Months	Interest	Principal	Interest to date	Principal to date	Principal Outstanding
						0	$0.00	$0.00	$0.00	$0.00	$400,000.00
						1	$2,000.00	$398.20	$2,000.00	$398.20	$399,601.80
2	$1,998.01	$400.19	$3,998.01	$798.40	$399,201.60
3	$1,996.01	$402.19	$5,994.02	$1,200.59	$398,799.41
4	$1,994.00	$404.21	$7,988.01	$1,604.79	$398,395.21
5	$1,991.98	$406.23	$9,979.99	$2,011.02	$397,988.98
6	$1,989.94	$408.26	$11,969.93	$2,419.28	$397,580.72
7	$1,987.90	$410.30	$13,957.84	$2,829.58	$397,170.42
8	$1,985.85	$412.35	$15,943.69	$3,241.93	$396,758.07
9	$1,983.79	$414.41	$17,927.48	$3,656.34	$396,343.66
10	$1,981.72	$416.48	$19,909.20	$4,072.82	$395,927.18
11	$1,979.64	$418.57	$21,888.84	$4,491.39	$395,508.61
12	$1,977.54	$420.66	$23,866.38	$4,912.05	$395,087.95
13	$1,975.44	$422.76	$25,841.82	$5,334.81	$394,665.19
14	$1,973.33	$424.88	$27,815.14	$5,759.69	$394,240.31
15	$1,971.20	$427.00	$29,786.35	$6,186.69	$393,813.31
16	$1,969.07	$429.14	$31,755.41	$6,615.82	$393,384.18
17	$1,966.92	$431.28	$33,722.33	$7,047.10	$392,952.90
18	$1,964.76	$433.44	$35,687.10	$7,480.54	$392,519.46
19	$1,962.60	$435.60	$37,649.69	$7,916.15	$392,083.85
20	$1,960.42	$437.78	$39,610.11	$8,353.93	$391,646.07
21	$1,958.23	$439.97	$41,568.34	$8,793.90	$391,206.10
22	$1,956.03	$442.17	$43,524.38	$9,236.07	$390,763.93
23	$1,953.82	$444.38	$45,478.19	$9,680.45	$390,319.55
24	$1,951.60	$446.60	$47,429.79	$10,127.06	$389,872.94
25	$1,949.36	$448.84	$49,379.16	$10,575.90	$389,424.10
26	$1,947.12	$451.08	$51,326.28	$11,026.98	$388,973.02
27	$1,944.87	$453.34	$53,271.14	$11,480.31	$388,519.69
28	$1,942.60	$455.60	$55,213.74	$11,935.92	$388,064.08
29	$1,940.32	$457.88	$57,154.06	$12,393.80	$387,606.20
30	$1,938.03	$460.17	$59,092.09	$12,853.97	$387,146.03
31	$1,935.73	$462.47	$61,027.82	$13,316.44	$386,683.56
32	$1,933.42	$464.78	$62,961.24	$13,781.23	$386,218.77
33	$1,931.09	$467.11	$64,892.33	$14,248.33	$385,751.67
34	$1,928.76	$469.44	$66,821.09	$14,717.78	$385,282.22
35	$1,926.41	$471.79	$68,747.50	$15,189.57	$384,810.43
36	$1,924.05	$474.15	$70,671.56	$15,663.72	$384,336.28
37	$1,921.68	$476.52	$72,593.24	$16,140.24	$383,859.76
38	$1,919.30	$478.90	$74,512.54	$16,619.14	$383,380.86
39	$1,916.90	$481.30	$76,429.44	$17,100.44	$382,899.56
40	$1,914.50	$483.70	$78,343.94	$17,584.15	$382,415.85
41	$1,912.08	$486.12	$80,256.02	$18,070.27	$381,929.73
42	$1,909.65	$488.55	$82,165.67	$18,558.82	$381,441.18
43	$1,907.21	$491.00	$84,072.87	$19,049.82	$380,950.18
44	$1,904.75	$493.45	$85,977.62	$19,543.27	$380,456.73
45	$1,902.28	$495.92	$87,879.91	$20,039.19	$379,960.81
46	$1,899.80	$498.40	$89,779.71	$20,537.59	$379,462.41
47	$1,897.31	$500.89	$91,677.02	$21,038.48	$378,961.52
48	$1,894.81	$503.39	$93,571.83	$21,541.87	$378,458.13
49	$1,892.29	$505.91	$95,464.12	$22,047.78	$377,952.22
50	$1,889.76	$508.44	$97,353.88	$22,556.22	$377,443.78
51	$1,887.22	$510.98	$99,241.10	$23,067.21	$376,932.79
52	$1,884.66	$513.54	$101,125.76	$23,580.74	$376,419.26
53	$1,882.10	$516.11	$103,007.86	$24,096.85	$375,903.15
54	$1,879.52	$518.69	$104,887.38	$24,615.54	$375,384.46
55	$1,876.92	$521.28	$106,764.30	$25,136.82	$374,863.18
56	$1,874.32	$523.89	$108,638.62	$25,660.70	$374,339.30
57	$1,871.70	$526.51	$110,510.31	$26,187.21	$373,812.79
58	$1,869.06	$529.14	$112,379.38	$26,716.35	$373,283.65
59	$1,866.42	$531.78	$114,245.79	$27,248.13	$372,751.87
60	$1,863.76	$534.44	$116,109.55	$27,782.57	$372,217.43
61	$1,861.09	$537.11	$117,970.64	$28,319.69	$371,680.31
62	$1,858.40	$539.80	$119,829.04	$28,859.49	$371,140.51
63	$1,855.70	$542.50	$121,684.74	$29,401.99	$370,598.01
64	$1,852.99	$545.21	$123,537.73	$29,947.20	$370,052.80
65	$1,850.26	$547.94	$125,388.00	$30,495.14	$369,504.86
66	$1,847.52	$550.68	$127,235.52	$31,045.82	$368,954.18
67	$1,844.77	$553.43	$129,080.29	$31,599.25	$368,400.75
68	$1,842.00	$556.20	$130,922.30	$32,155.45	$367,844.55
69	$1,839.22	$558.98	$132,761.52	$32,714.42	$367,285.58
70	$1,836.43	$561.77	$134,597.95	$33,276.20	$366,723.80
71	$1,833.62	$564.58	$136,431.57	$33,840.78	$366,159.22
72	$1,830.80	$567.41	$138,262.36	$34,408.19	$365,591.81
73	$1,827.96	$570.24	$140,090.32	$34,978.43	$365,021.57
74	$1,825.11	$573.09	$141,915.43	$35,551.53	$364,448.47
75	$1,822.24	$575.96	$143,737.67	$36,127.48	$363,872.52
76	$1,819.36	$578.84	$145,557.04	$36,706.32	$363,293.68
77	$1,816.47	$581.73	$147,373.50	$37,288.06	$362,711.94
78	$1,813.56	$584.64	$149,187.06	$37,872.70	$362,127.30
79	$1,810.64	$587.57	$150,997.70	$38,460.27	$361,539.73
80	$1,807.70	$590.50	$152,805.40	$39,050.77	$360,949.23
81	$1,804.75	$593.46	$154,610.14	$39,644.23	$360,355.77
82	$1,801.78	$596.42	$156,411.92	$40,240.65	$359,759.35
83	$1,798.80	$599.41	$158,210.72	$40,840.05	$359,159.95
84	$1,795.80	$602.40	$160,006.52	$41,442.46	$358,557.54
85	$1,792.79	$605.41	$161,799.31	$42,047.87	$357,952.13
86	$1,789.76	$608.44	$163,589.07	$42,656.31	$357,343.69
87	$1,786.72	$611.48	$165,375.79	$43,267.80	$356,732.20
88	$1,783.66	$614.54	$167,159.45	$43,882.34	$356,117.66
89	$1,780.59	$617.61	$168,940.04	$44,499.95	$355,500.05
90	$1,777.50	$620.70	$170,717.54	$45,120.65	$354,879.35
91	$1,774.40	$623.81	$172,491.93	$45,744.46	$354,255.54
92	$1,771.28	$626.92	$174,263.21	$46,371.38	$353,628.62
93	$1,768.14	$630.06	$176,031.35	$47,001.44	$352,998.56
94	$1,764.99	$633.21	$177,796.35	$47,634.65	$352,365.35
95	$1,761.83	$636.38	$179,558.17	$48,271.03	$351,728.97
96	$1,758.64	$639.56	$181,316.82	$48,910.58	$351,089.42