Mini Project 1 - Home Mortgage Comparison Jaclyn Thrower...

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Home Mortgage Comparison Jaclyn Thrower Input Area: Business Finance March 6, 2016 Home Price $ 600,000.00 Down Payment (20%) $ 120,000.00 Loan Amount $ 480,000.00 30-Year Loan APR 0.04125 Loan Length (Years) 30 Output Area: 1). 30-Year Loan Payment $ 2,326.32 Beginning Total Interest Principal Ending 2). Months Balance Payment Payment Payment Balance 1 $ 480,000.00 $ 2,326.32 $ 1,650.00 $ 676.32 $ 479,323.68 2 $ 479,323.68 $ 2,326.32 $ 1,647.68 $ 678.64 $ 478,645.04 3 $ 478,645.04 $ 2,326.32 $ 1,645.34 $ 680.98 $ 477,964.06 4 $ 477,964.06 $ 2,326.32 $ 1,643.00 $ 683.32 $ 477,280.74 5 $ 477,280.74 $ 2,326.32 $ 1,640.65 $ 685.67 $ 476,595.08 6 $ 476,595.08 $ 2,326.32 $ 1,638.30 $ 688.02 $ 475,907.05 7 $ 475,907.05 $ 2,326.32 $ 1,635.93 $ 690.39 $ 475,216.67 8 $ 475,216.67 $ 2,326.32 $ 1,633.56 $ 692.76 $ 474,523.91 9 $ 474,523.91 $ 2,326.32 $ 1,631.18 $ 695.14 $ 473,828.76 10 $ 473,828.76 $ 2,326.32 $ 1,628.79 $ 697.53 $ 473,131.23 11 $ 473,131.23 $ 2,326.32 $ 1,626.39 $ 699.93 $ 472,431.30 1 Year 12 $ 472,431.30 $ 2,326.32 $ 1,623.98 $ 702.34 $ 471,728.96 13 $ 471,728.96 $ 2,326.32 $ 1,621.57 $ 704.75 $ 471,024.21 14 $ 471,024.21 $ 2,326.32 $ 1,619.15 $ 707.17 $ 470,317.04 15 $ 470,317.04 $ 2,326.32 $ 1,616.71 $ 709.60 $ 469,607.44 16 $ 469,607.44 $ 2,326.32 $ 1,614.28 $ 712.04 $ 468,895.39 17 $ 468,895.39 $ 2,326.32 $ 1,611.83 $ 714.49 $ 468,180.90 18 $ 468,180.90 $ 2,326.32 $ 1,609.37 $ 716.95 $ 467,463.96 19 $ 467,463.96 $ 2,326.32 $ 1,606.91 $ 719.41 $ 466,744.54 20 $ 466,744.54 $ 2,326.32 $ 1,604.43 $ 721.88 $ 466,022.66 21 $ 466,022.66 $ 2,326.32 $ 1,601.95 $ 724.37 $ 465,298.29 22 $ 465,298.29 $ 2,326.32 $ 1,599.46 $ 726.86 $ 464,571.44 23 $ 464,571.44 $ 2,326.32 $ 1,596.96 $ 729.35 $ 463,842.08 2 Years 24 $ 463,842.08 $ 2,326.32 $ 1,594.46 $ 731.86 $ 463,110.22 25 $ 463,110.22 $ 2,326.32 $ 1,591.94 $ 734.38 $ 462,375.85 26 $ 462,375.85 $ 2,326.32 $ 1,589.42 $ 736.90 $ 461,638.94 27 $ 461,638.94 $ 2,326.32 $ 1,586.88 $ 739.43 $ 460,899.51
28 $ 460,899.51 $ 2,326.32 $ 1,584.34 $ 741.98 $ 460,157.53 29 $ 460,157.53 $ 2,326.32 $ 1,581.79 $ 744.53 $ 459,413.00 30 $ 459,413.00 $ 2,326.32 $ 1,579.23 $ 747.09 $ 458,665.92 31 $ 458,665.92 $ 2,326.32 $ 1,576.66 $ 749.65 $ 457,916.26 32 $ 457,916.26 $ 2,326.32 $ 1,574.09 $ 752.23 $ 457,164.03 33 $ 457,164.03 $ 2,326.32 $ 1,571.50 $ 754.82 $ 456,409.21 34 $ 456,409.21 $ 2,326.32 $ 1,568.91 $ 757.41 $ 455,651.80 35 $ 455,651.80 $ 2,326.32 $ 1,566.30 $ 760.02 $ 454,891.79 3 Years 36 $ 454,891.79 $ 2,326.32 $ 1,563.69 $ 762.63 $ 454,129.16 37 $ 454,129.16 $ 2,326.32 $ 1,561.07 $ 765.25 $ 453,363.91 38 $ 453,363.91 $ 2,326.32 $ 1,558.44 $ 767.88 $ 452,596.03 39 $ 452,596.03 $ 2,326.32 $ 1,555.80 $ 770.52 $ 451,825.51 40 $ 451,825.51 $ 2,326.32 $ 1,553.15 $ 773.17 $ 451,052.34 41 $ 451,052.34 $ 2,326.32 $ 1,550.49 $ 775.83 $ 450,276.51 42 $ 450,276.51 $ 2,326.32 $ 1,547.83 $ 778.49 $ 449,498.02 43 $ 449,498.02 $ 2,326.32 $ 1,545.15 $ 781.17 $ 448,716.85 44 $ 448,716.85 $ 2,326.32 $ 1,542.46 $ 783.85 $ 447,933.00 45 $ 447,933.00 $ 2,326.32 $ 1,539.77 $ 786.55 $ 447,146.45 46 $ 447,146.45 $ 2,326.32 $ 1,537.07 $ 789.25 $ 446,357.20 47 $ 446,357.20 $ 2,326.32 $ 1,534.35 $ 791.97 $ 445,565.23 4 Years 48 $ 445,565.23 $ 2,326.32 $ 1,531.63 $ 794.69 $ 444,770.54 49 $ 444,770.54 $ 2,326.32 $ 1,528.90 $ 797.42 $ 443,973.12 50 $ 443,973.12 $ 2,326.32 $ 1,526.16 $ 800.16 $ 443,172.96 51 $ 443,172.96 $ 2,326.32 $ 1,523.41 $ 802.91 $ 442,370.05 52 $ 442,370.05 $ 2,326.32 $ 1,520.65 $ 805.67 $ 441,564.38 53 $ 441,564.38 $ 2,326.32 $ 1,517.88 $ 808.44 $ 440,755.94 54 $ 440,755.94 $ 2,326.32 $ 1,515.10 $ 811.22 $ 439,944.72 55 $ 439,944.72 $ 2,326.32 $ 1,512.31 $ 814.01 $ 439,130.71 56 $ 439,130.71 $ 2,326.32 $ 1,509.51 $ 816.81 $ 438,313.90 57 $ 438,313.90 $ 2,326.32 $ 1,506.70 $ 819.61 $ 437,494.28 58 $ 437,494.28 $ 2,326.32 $ 1,503.89 $ 822.43 $ 436,671.85 59 $ 436,671.85 $ 2,326.32 $ 1,501.06 $ 825.26 $ 435,846.59 5 Years 60 $ 435,846.59 $ 2,326.32 $ 1,498.22 $ 828.10 $ 435,018.50 Totals: $ 139,579.12 $ 94,597.62 $ 44,981.50 3). Bi-weekly payment amount $ 1,163.16 Bi-weekly periods to pay off smart loan 317.69 Years to pay off smart loan 26.47 Total payments under 30-year traditional mortgage $ 837,474.74 Total payments for bi-weekly mortgage $ 369,524.90 Difference between 30 year traditional loan and smart loan $ 467,949.84
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