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States with Highest and Lowest Closing Costs

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Loan types and their advantages and disadvantages

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Computing Monthly payment by using Amortization table:

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Computing Monthly payment by using Amortization table:

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Step 1.Divide the amount of the mortgage by $1,000.

Step 2.Look up the rate and term in the amortization table. At the intersection is the table factor.

Step 3.Multiply Step 1 by Step 2.

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Finance Example: Loan Amortization Schedule

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Finance Example: Loan Amortization Schedule

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CALCULATING INTEREST, PRINCIPAL, AND NEW BALANCE OF MONTHLY PAYMENT

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CALCULATING INTEREST, PRINCIPAL, AND NEW BALANCE OF MONTHLY PAYMENT

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Step 1.Calculate the Interest for a month (use current principal):
Interest = Principal × Rate × Time.

Step 2.Calculate the amount used to reduce the principal:
Principal reduction = Monthly payment – Interest (Step 1).

Step 3.Calculate the new principal:
Current principal − Reduction of principal (Step 2) = New principal.

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over the life of Gary’s $160,000 loan, he would pay $303,680 in interest. Now let’s use the following steps to determine what portion of Gary’s first monthly payment reduces the principal and what portion is interest.

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Amortization table