Question

If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30 year loan with a fixed rate of 6.25%?

Answer 1

For the answer to the question, what is the monthly payment if you put 5% down for a 30-year loan with a fixed rate of 6.25%?  , the monthly payments on this mortgage would be $2605.87

I hope my answer helped you. Have a nice day!

Answer 2

Answer:

The monthly payment is $2603.17

Step-by-step explanation:

The purchase price is = $445500

5% is down payment = $0.05\times445500=22275$

Loan amount is = $445500-22275=423225$

The EMI formula is = $\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }$

p = 423225

r = 6.25/12/100=0.0052

n = 30*12 = 360

Putting the values in the formula we get:

$\frac{423225*0.0052*(1.0052)^{360} }{(1.0052)^{360}-1 }$

= $2603.17

The monthly payment is $2603.17 approx