PDF Mortgage Amortization Triangle

Mortgage Amortization Triangle

$150,000 loan balance @ 3.75% on a 15 year note, using a constant P&I payment of $1,090.50 per the Mortgage Factor Chart on page 251 of text.

Beginning Balance (X) Note Rate (annual) = Annual Interest Change to monthly (?12) = Monthly Interest

January $150,000 X .0375

$5,625 ? 12

$468.75

February $149,378.25

X .0375 $5,601.68

?12 $466.81

Const. Monthly Payment (P&I) (-) Less Monthly Interest = Principal Reduction

$1,090.50 -$468.75

= $621.75

$1,090.50 -$466.81

= $623.69

Beginning Balance (-) Less Principal Reduction = New Principal Loan Balance

$150,000.00 - $621.75

$149,378.25

$149,378.25 - $623.69

$148,754.56

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