MTH105 Finance Exersice Formulas
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Home 10 years ago
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Price%DownAmount DownBalanceYearsAPRPayment
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$120,000.0010%$12,000.00$108,000.00309%$868.99
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Total PaymentsTotal Interestfor 30 years
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$312,837.27$204,837.27
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6%new apr
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Debt after 10 years
Paid Off so farPaid so far
1st 10 years of interst
Equity
New payment for 30 more years
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$96,584.12$11,415.88$104,279.09$92,863.21$83,415.88$579.07
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new interest
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$111,881.30
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change in payment
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-$289.92-$92.76
possible savings
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Total interest to pay with extended mortgage
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$204,744.51
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Difference in total interest
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-$92.76
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You pay more in interest if you refiance at a lower rate but 30 more years
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So, don't refinance unless you can't afford your current payment.
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Written
WrittenTable
exercises
savings annuity4
savings annuity5
payout annuity7