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You want to buy a house and will need to borrow $180,000. the interest rate on your loan is 4.99 percent compounded monthly and the loan is for 25 years. what are your monthly mortgage payments?



Answer :

Mortgage is $1051.21 per month

  • Principal and interest payments make up your monthly mortgage payments. You must purchase private mortgage insurance if your down payment is less than 20%, which raises your monthly payment. Real estate or property taxes are also included in certain payments.

According To the Question,

  • Mortgage payments are computed monthly using an EMI (equated monthly installment)

EMI = P R (R + 1) / [R + 1) -1]

180,000 as the principal amount

  • 4.99% interest rate is R.
  • N is equal to 25, years.

EMI= 180,000×0.0499 ( 1 + 0.0499 ) ^ 25 / [ ( 1 + 0.0499) ^ 25 - 1 )

Therfore,

EMI on a mortgage is $1051.21 per month.

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