In: Finance
A 25 years $500000 mortgage at 4.30% compounded semi annually is repaid with monthly payment what is size of monthly payment and balance of mortgage at end of 6 years and how much did the amortization period shorten by if the monthly payment are increased by $125 at end of year six?
At the end of year 6 the Principle balance is $423,325.97, the monthly installments are $2,711.49 from Month 1 to 72.
Payment Number | Payment | Principal | Interest | Balance |
1 | $ -2,711.49 | $ -936.49 | $ -1,775.00 | $ 499,063.51 |
2 | $ -2,711.49 | $ -939.82 | $ -1,771.68 | $ 498,123.69 |
3 | $ -2,711.49 | $ -943.15 | $ -1,768.34 | $ 497,180.54 |
4 | $ -2,711.49 | $ -946.50 | $ -1,764.99 | $ 496,234.04 |
5 | $ -2,711.49 | $ -949.86 | $ -1,761.63 | $ 495,284.18 |
6 | $ -2,711.49 | $ -953.23 | $ -1,758.26 | $ 494,330.95 |
7 | $ -2,711.49 | $ -956.62 | $ -1,754.87 | $ 493,374.33 |
8 | $ -2,711.49 | $ -960.01 | $ -1,751.48 | $ 492,414.32 |
9 | $ -2,711.49 | $ -963.42 | $ -1,748.07 | $ 491,450.90 |
10 | $ -2,711.49 | $ -966.84 | $ -1,744.65 | $ 490,484.06 |
11 | $ -2,711.49 | $ -970.27 | $ -1,741.22 | $ 489,513.79 |
12 | $ -2,711.49 | $ -973.72 | $ -1,737.77 | $ 488,540.07 |
13 | $ -2,711.49 | $ -977.17 | $ -1,734.32 | $ 487,562.90 |
14 | $ -2,711.49 | $ -980.64 | $ -1,730.85 | $ 486,582.26 |
15 | $ -2,711.49 | $ -984.12 | $ -1,727.37 | $ 485,598.13 |
16 | $ -2,711.49 | $ -987.62 | $ -1,723.87 | $ 484,610.51 |
17 | $ -2,711.49 | $ -991.12 | $ -1,720.37 | $ 483,619.39 |
18 | $ -2,711.49 | $ -994.64 | $ -1,716.85 | $ 482,624.75 |
19 | $ -2,711.49 | $ -998.17 | $ -1,713.32 | $ 481,626.58 |
20 | $ -2,711.49 | $ -1,001.72 | $ -1,709.77 | $ 480,624.86 |
21 | $ -2,711.49 | $ -1,005.27 | $ -1,706.22 | $ 479,619.59 |
22 | $ -2,711.49 | $ -1,008.84 | $ -1,702.65 | $ 478,610.74 |
23 | $ -2,711.49 | $ -1,012.42 | $ -1,699.07 | $ 477,598.32 |
24 | $ -2,711.49 | $ -1,016.02 | $ -1,695.47 | $ 476,582.30 |
25 | $ -2,711.49 | $ -1,019.62 | $ -1,691.87 | $ 475,562.68 |
26 | $ -2,711.49 | $ -1,023.24 | $ -1,688.25 | $ 474,539.44 |
27 | $ -2,711.49 | $ -1,026.88 | $ -1,684.62 | $ 473,512.56 |
28 | $ -2,711.49 | $ -1,030.52 | $ -1,680.97 | $ 472,482.04 |
29 | $ -2,711.49 | $ -1,034.18 | $ -1,677.31 | $ 471,447.86 |
30 | $ -2,711.49 | $ -1,037.85 | $ -1,673.64 | $ 470,410.01 |
31 | $ -2,711.49 | $ -1,041.54 | $ -1,669.96 | $ 469,368.47 |
32 | $ -2,711.49 | $ -1,045.23 | $ -1,666.26 | $ 468,323.24 |
33 | $ -2,711.49 | $ -1,048.94 | $ -1,662.55 | $ 467,274.30 |
34 | $ -2,711.49 | $ -1,052.67 | $ -1,658.82 | $ 466,221.63 |
35 | $ -2,711.49 | $ -1,056.40 | $ -1,655.09 | $ 465,165.23 |
36 | $ -2,711.49 | $ -1,060.15 | $ -1,651.34 | $ 464,105.07 |
37 | $ -2,711.49 | $ -1,063.92 | $ -1,647.57 | $ 463,041.15 |
38 | $ -2,711.49 | $ -1,067.69 | $ -1,643.80 | $ 461,973.46 |
39 | $ -2,711.49 | $ -1,071.49 | $ -1,640.01 | $ 460,901.97 |
40 | $ -2,711.49 | $ -1,075.29 | $ -1,636.20 | $ 459,826.69 |
41 | $ -2,711.49 | $ -1,079.11 | $ -1,632.38 | $ 458,747.58 |
42 | $ -2,711.49 | $ -1,082.94 | $ -1,628.55 | $ 457,664.64 |
43 | $ -2,711.49 | $ -1,086.78 | $ -1,624.71 | $ 456,577.86 |
44 | $ -2,711.49 | $ -1,090.64 | $ -1,620.85 | $ 455,487.22 |
45 | $ -2,711.49 | $ -1,094.51 | $ -1,616.98 | $ 454,392.71 |
46 | $ -2,711.49 | $ -1,098.40 | $ -1,613.09 | $ 453,294.31 |
47 | $ -2,711.49 | $ -1,102.30 | $ -1,609.19 | $ 452,192.02 |
48 | $ -2,711.49 | $ -1,106.21 | $ -1,605.28 | $ 451,085.81 |
49 | $ -2,711.49 | $ -1,110.14 | $ -1,601.35 | $ 449,975.67 |
50 | $ -2,711.49 | $ -1,114.08 | $ -1,597.41 | $ 448,861.59 |
51 | $ -2,711.49 | $ -1,118.03 | $ -1,593.46 | $ 447,743.56 |
52 | $ -2,711.49 | $ -1,122.00 | $ -1,589.49 | $ 446,621.56 |
53 | $ -2,711.49 | $ -1,125.98 | $ -1,585.51 | $ 445,495.58 |
54 | $ -2,711.49 | $ -1,129.98 | $ -1,581.51 | $ 444,365.59 |
55 | $ -2,711.49 | $ -1,133.99 | $ -1,577.50 | $ 443,231.60 |
56 | $ -2,711.49 | $ -1,138.02 | $ -1,573.47 | $ 442,093.58 |
57 | $ -2,711.49 | $ -1,142.06 | $ -1,569.43 | $ 440,951.52 |
58 | $ -2,711.49 | $ -1,146.11 | $ -1,565.38 | $ 439,805.41 |
59 | $ -2,711.49 | $ -1,150.18 | $ -1,561.31 | $ 438,655.23 |
60 | $ -2,711.49 | $ -1,154.26 | $ -1,557.23 | $ 437,500.96 |
61 | $ -2,711.49 | $ -1,158.36 | $ -1,553.13 | $ 436,342.60 |
62 | $ -2,711.49 | $ -1,162.47 | $ -1,549.02 | $ 435,180.13 |
63 | $ -2,711.49 | $ -1,166.60 | $ -1,544.89 | $ 434,013.53 |
64 | $ -2,711.49 | $ -1,170.74 | $ -1,540.75 | $ 432,842.78 |
65 | $ -2,711.49 | $ -1,174.90 | $ -1,536.59 | $ 431,667.88 |
66 | $ -2,711.49 | $ -1,179.07 | $ -1,532.42 | $ 430,488.81 |
67 | $ -2,711.49 | $ -1,183.26 | $ -1,528.24 | $ 429,305.56 |
68 | $ -2,711.49 | $ -1,187.46 | $ -1,524.03 | $ 428,118.10 |
69 | $ -2,711.49 | $ -1,191.67 | $ -1,519.82 | $ 426,926.43 |
70 | $ -2,711.49 | $ -1,195.90 | $ -1,515.59 | $ 425,730.53 |
71 | $ -2,711.49 | $ -1,200.15 | $ -1,511.34 | $ 424,530.38 |
72 | $ -2,711.49 | $ -1,204.41 | $ -1,507.08 | $ 423,325.97 |
New Monthly payment amount = $2,836.49. The remaining amortization period is 212.95 months or 17.75 years approx. The amortization period has been shortened by 1.25 years.
Formula used =NPER(EffRate/12,Payment, -Principal)