Assume a mortgage loan amount of $ 400,000, with annual interest rate 4% and 15 years...

Assume a mortgage loan amount of $ 400,000, with annual interest rate 4% and 15 years term 1. Calculate annual payment amount 2. Calculate monthly payment amount 3. Do you pay more annually or monthly? Why? 4. Prepare a 180 month loan amortization schedule. How much is your total interest payment?

Expert Solution

Loan	400000
Rate	0.33%
Months	180
Monthly Payment	$2,958.75
Annual payment	$35,976.44
Annual payment is more (35976>2958*12)


Month	Payment	Interest Paid	Principal Paid	Loan Oustanding
1	$2,958.75	1333.333333	$1,625.42	398374.5816
2	$2,958.75	1327.915272	$1,630.84	396743.7452
3	$2,958.75	1322.479151	$1,636.27	395107.4726
4	$2,958.75	1317.024909	$1,641.73	393465.7459
5	$2,958.75	1311.552486	$1,647.20	391818.5466
6	$2,958.75	1306.061822	$1,652.69	390165.8568
7	$2,958.75	1300.552856	$1,658.20	388507.6579
8	$2,958.75	1295.025526	$1,663.73	386843.9317
9	$2,958.75	1289.479772	$1,669.27	385174.6598
10	$2,958.75	1283.915533	$1,674.84	383499.8236
11	$2,958.75	1278.332745	$1,680.42	381819.4047
12	$2,958.75	1272.731349	$1,686.02	380133.3843
13	$2,958.75	1267.111281	$1,691.64	378441.7439
14	$2,958.75	1261.47248	$1,697.28	376744.4647
15	$2,958.75	1255.814882	$1,702.94	375041.5279
16	$2,958.75	1250.138426	$1,708.61	373332.9146
17	$2,958.75	1244.443049	$1,714.31	371618.6059
18	$2,958.75	1238.728686	$1,720.02	369898.5829
19	$2,958.75	1232.995276	$1,725.76	368172.8265
20	$2,958.75	1227.242755	$1,731.51	366441.3175
21	$2,958.75	1221.471058	$1,737.28	364704.0369
22	$2,958.75	1215.680123	$1,743.07	362960.9653
23	$2,958.75	1209.869884	$1,748.88	361212.0835
24	$2,958.75	1204.040278	$1,754.71	359457.3721
25	$2,958.75	1198.19124	$1,760.56	357696.8116
26	$2,958.75	1192.322705	$1,766.43	355930.3826
27	$2,958.75	1186.434609	$1,772.32	354158.0655
28	$2,958.75	1180.526885	$1,778.22	352379.8407
29	$2,958.75	1174.599469	$1,784.15	350595.6885
30	$2,958.75	1168.652295	$1,790.10	348805.5891
31	$2,958.75	1162.685297	$1,796.07	347009.5227
32	$2,958.75	1156.698409	$1,802.05	345207.4694
33	$2,958.75	1150.691565	$1,808.06	343399.4092
34	$2,958.75	1144.664697	$1,814.09	341585.3222
35	$2,958.75	1138.617741	$1,820.13	339765.1883
36	$2,958.75	1132.550628	$1,826.20	337938.9872
37	$2,958.75	1126.463291	$1,832.29	336106.6988
38	$2,958.75	1120.355663	$1,838.40	334268.3027
39	$2,958.75	1114.227676	$1,844.52	332423.7787
40	$2,958.75	1108.079262	$1,850.67	330573.1063
41	$2,958.75	1101.910354	$1,856.84	328716.2649
42	$2,958.75	1095.720883	$1,863.03	326853.2341
43	$2,958.75	1089.51078	$1,869.24	324983.9932
44	$2,958.75	1083.279977	$1,875.47	323108.5215
45	$2,958.75	1077.028405	$1,881.72	321226.7982
46	$2,958.75	1070.755994	$1,888.00	319338.8024
47	$2,958.75	1064.462675	$1,894.29	317444.5134
48	$2,958.75	1058.148378	$1,900.60	315543.9101
49	$2,958.75	1051.813034	$1,906.94	313636.9714
50	$2,958.75	1045.456571	$1,913.30	311723.6763
51	$2,958.75	1039.078921	$1,919.67	309804.0035
52	$2,958.75	1032.680012	$1,926.07	307877.9318
53	$2,958.75	1026.259773	$1,932.49	305945.4399
54	$2,958.75	1019.818133	$1,938.93	304006.5063
55	$2,958.75	1013.355021	$1,945.40	302061.1096
56	$2,958.75	1006.870365	$1,951.88	300109.2283
57	$2,958.75	1000.364094	$1,958.39	298150.8407
58	$2,958.75	993.8361357	$1,964.92	296185.9251
59	$2,958.75	987.2864171	$1,971.47	294214.4598
60	$2,958.75	980.7148662	$1,978.04	292236.423
61	$2,958.75	974.12141	$1,984.63	290251.7927
62	$2,958.75	967.5059757	$1,991.25	288260.547
63	$2,958.75	960.86849	$1,997.88	286262.6638
64	$2,958.75	954.2088793	$2,004.54	284258.121
65	$2,958.75	947.5270698	$2,011.22	282246.8963
66	$2,958.75	940.8229877	$2,017.93	280228.9676
67	$2,958.75	934.0965587	$2,024.66	278204.3125
68	$2,958.75	927.3477082	$2,031.40	276172.9085
69	$2,958.75	920.5763616	$2,038.18	274134.7331
70	$2,958.75	913.7824438	$2,044.97	272089.7639
71	$2,958.75	906.9658796	$2,051.79	270037.978
72	$2,958.75	900.1265935	$2,058.63	267979.3529
73	$2,958.75	893.2645098	$2,065.49	265913.8657
74	$2,958.75	886.3795525	$2,072.37	263841.4936
75	$2,958.75	879.4716453	$2,079.28	261762.2135
76	$2,958.75	872.5407118	$2,086.21	259676.0025
77	$2,958.75	865.5866752	$2,093.17	257582.8375
78	$2,958.75	858.6094584	$2,100.14	255482.6953
79	$2,958.75	851.6089843	$2,107.14	253375.5526
80	$2,958.75	844.5851752	$2,114.17	251261.386
81	$2,958.75	837.5379534	$2,121.21	249140.1723
82	$2,958.75	830.4672409	$2,128.28	247011.8878
83	$2,958.75	823.3729594	$2,135.38	244876.5091
84	$2,958.75	816.2550303	$2,142.50	242734.0124
85	$2,958.75	809.1133747	$2,149.64	240584.3741
86	$2,958.75	801.9479136	$2,156.80	238427.5703
87	$2,958.75	794.7585676	$2,163.99	236263.5772
88	$2,958.75	787.5452572	$2,171.21	234092.3707
89	$2,958.75	780.3079024	$2,178.44	231913.9269
90	$2,958.75	773.046423	$2,185.71	229728.2216
91	$2,958.75	765.7607388	$2,192.99	227535.2307
92	$2,958.75	758.4507689	$2,200.30	225334.9297
93	$2,958.75	751.1164324	$2,207.64	223127.2945
94	$2,958.75	743.7576482	$2,214.99	220912.3004
95	$2,958.75	736.3743347	$2,222.38	218689.923
96	$2,958.75	728.9664101	$2,229.79	216460.1377
97	$2,958.75	721.5337925	$2,237.22	214222.9198
98	$2,958.75	714.0763995	$2,244.68	211978.2445
99	$2,958.75	706.5941484	$2,252.16	209726.087
100	$2,958.75	699.0869566	$2,259.66	207466.4222
101	$2,958.75	691.5547408	$2,267.20	205199.2253
102	$2,958.75	683.9974176	$2,274.75	202924.471
103	$2,958.75	676.4149033	$2,282.34	200642.1342
104	$2,958.75	668.807114	$2,289.94	198352.1896
105	$2,958.75	661.1739653	$2,297.58	196054.6119
106	$2,958.75	653.5153729	$2,305.24	193749.3755
107	$2,958.75	645.8312518	$2,312.92	191436.4551
108	$2,958.75	638.1215169	$2,320.63	189115.8249
109	$2,958.75	630.386083	$2,328.37	186787.4593
110	$2,958.75	622.6248643	$2,336.13	184451.3324
111	$2,958.75	614.8377748	$2,343.91	182107.4185
112	$2,958.75	607.0247284	$2,351.73	179755.6915
113	$2,958.75	599.1856385	$2,359.57	177396.1255
114	$2,958.75	591.3204182	$2,367.43	175028.6942
115	$2,958.75	583.4289806	$2,375.32	172653.3715
116	$2,958.75	575.5112382	$2,383.24	170270.131
117	$2,958.75	567.5671033	$2,391.18	167878.9464
118	$2,958.75	559.596488	$2,399.16	165479.7912
119	$2,958.75	551.599304	$2,407.15	163072.6388
120	$2,958.75	543.5754626	$2,415.18	160657.4626
121	$2,958.75	535.5248752	$2,423.23	158234.2357
122	$2,958.75	527.4474524	$2,431.30	155802.9315
123	$2,958.75	519.3431049	$2,439.41	153363.5229
124	$2,958.75	511.2117429	$2,447.54	150915.9829
125	$2,958.75	503.0532764	$2,455.70	148460.2845
126	$2,958.75	494.867615	$2,463.88	145996.4004
127	$2,958.75	486.654668	$2,472.10	143524.3034
128	$2,958.75	478.4143446	$2,480.34	141043.966
129	$2,958.75	470.1465534	$2,488.61	138555.3609
130	$2,958.75	461.8512029	$2,496.90	136058.4604
131	$2,958.75	453.5282012	$2,505.22	133553.2369
132	$2,958.75	445.1774562	$2,513.57	131039.6626
133	$2,958.75	436.7988754	$2,521.95	128517.7098
134	$2,958.75	428.392366	$2,530.36	125987.3505
135	$2,958.75	419.9578348	$2,538.79	123448.5566
136	$2,958.75	411.4951886	$2,547.26	120901.3001
137	$2,958.75	403.0043336	$2,555.75	118345.5527
138	$2,958.75	394.4851757	$2,564.27	115781.2862
139	$2,958.75	385.9376206	$2,572.81	113208.4721
140	$2,958.75	377.3615736	$2,581.39	110627.082
141	$2,958.75	368.7569399	$2,589.99	108037.0872
142	$2,958.75	360.123624	$2,598.63	105438.4591
143	$2,958.75	351.4615304	$2,607.29	102831.169
144	$2,958.75	342.7705632	$2,615.98	100215.1878
145	$2,958.75	334.050626	$2,624.70	97590.48674
146	$2,958.75	325.3016225	$2,633.45	94957.03666
147	$2,958.75	316.5234555	$2,642.23	92314.80841
148	$2,958.75	307.716028	$2,651.04	89663.77273
149	$2,958.75	298.8792424	$2,659.87	87003.90027
150	$2,958.75	290.0130009	$2,668.74	84335.16157
151	$2,958.75	281.1172052	$2,677.63	81657.52708
152	$2,958.75	272.1917569	$2,686.56	78970.96713
153	$2,958.75	263.2365571	$2,695.52	76275.45199
154	$2,958.75	254.2515066	$2,704.50	73570.95179
155	$2,958.75	245.236506	$2,713.52	70857.43659
156	$2,958.75	236.1914553	$2,722.56	68134.87635
157	$2,958.75	227.1162545	$2,731.64	65403.2409
158	$2,958.75	218.010803	$2,740.74	62662.5
159	$2,958.75	208.875	$2,749.88	59912.6233
160	$2,958.75	199.7087443	$2,759.04	57153.58034
161	$2,958.75	190.5119345	$2,768.24	54385.34057
162	$2,958.75	181.2844686	$2,777.47	51607.87334
163	$2,958.75	172.0262445	$2,786.73	48821.14788
164	$2,958.75	162.7371596	$2,796.01	46025.13334
165	$2,958.75	153.4171111	$2,805.33	43219.79874
166	$2,958.75	144.0659958	$2,814.69	40405.11304
167	$2,958.75	134.6837101	$2,824.07	37581.04505
168	$2,958.75	125.2701502	$2,833.48	34747.56349
169	$2,958.75	115.8252116	$2,842.93	31904.637
170	$2,958.75	106.34879	$2,852.40	29052.23409
171	$2,958.75	96.8407803	$2,861.91	26190.32317
172	$2,958.75	87.30107722	$2,871.45	23318.87254
173	$2,958.75	77.72957514	$2,881.02	20437.85041
174	$2,958.75	68.12616805	$2,890.63	17547.22488
175	$2,958.75	58.4907496	$2,900.26	14646.96393
176	$2,958.75	48.82321309	$2,909.93	11737.03544
177	$2,958.75	39.12345146	$2,919.63	8817.407187
178	$2,958.75	29.39135729	$2,929.36	5888.046842
179	$2,958.75	19.62682281	$2,939.12	2948.921963
180	$2,958.75	9.829739875	$2,948.92	0

jeff jeffy answered 3 years ago

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