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Mortgage assignment - Zach Holland Sport Finance Mortgage...

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Zach Holland Sport Finance 1/30/12 Mortgage Assignment $180,000 home in 2012 15-year Mortgage with 15% down in cash and a 5.2% mortgage Balance of mortgage over the 15-year period o Initial Mortgage= $153,000 o January 2013= $146,672.02 o January 2014= $139,416.70 o January 2015= $131,774.97 o January 2016= $123,726.27 o January 2017= $115,248.92 o January 2018= $106,320.08 o January 2019= $96,915.71 o January 2020= $87,010.50 o January 2021= $76,577.75 o January 2022= $65,589.39 o January 2023= $54,015.82 o January 2024= $41,825.86 o January 2025= $28,986.70 o January 2026= $15,463.76 o January 2027= $1,220.62 o February 2027= $0.00 Total mortgage loan amount : $153,000 Monthly Payment for loan: $1,225.91 Date of final pay off: Jan 2027 Total Interest paid by Jan 2027: $67,664.56 Bulk of monthly payment goes toward principle on: Oct. 2013 $613.76-612.15 Impact of making 13 th payment each year o Total Interest: $59,967.57 vs. $67,664.56 o Final Date of payoff: June 2025 30-year Mortgage with 15% down in cash and a 5.2% mortgage Monthly Payment for loan: $840.14 Date of final pay off: Jan 2042 Total Interest paid by Jan 2042: $149,450.27 Bulk of monthly payment goes toward principle on: Oct. 2028 $420.62-$419.52 Impact of making 13 th payment each year o Total Interest: $122,239.23 vs. $149,450.27 o Final Date of payoff: April 2037
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15-year Mortgage with 20% down in cash and a 5.2% mortgage
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