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Mortgage Loan Calculation

by | May 21

Example:Consider a home mortgage loan for $100,000 at 6% nominal annualrate with equal monthly payments for 30 years. What are thecharacteristics of this loan?

The effective monthly interest rate is i = 0.06/ 12 = 0.005:The number of payments is n = 12(30) = 360:Each monthly payment is

The amount of payment per month is

100000166:7916 = 599:55:At the end of the 30 years,Total paid on the loan is $599.55 (360) = $215, 838 withtotal principal paid $100000 andtotal interest paid $115; 838:5
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