Increasing the down payment on a mortgage reduces both the

Last updated: 10/3/2023

Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid Calculate a the reduction in the monthly payment by increasing the down payment by the amount specified and b the amount saved on interest over the life of the loan Assume the mortgage is for 30 years and use the amortization table to find the monthly payments Increase in Down payment 15 000 Click the icon to view a table of monthly payments on a 1 000 loan Amount of Loan Interest Rate Down Payment 162 000 38 000 5 a The monthly payment will be reduced by 80 55 when the down payment is increased by 15 000 Round to the nearest cent as needed b Increasing the down payment by 15 000 saved Round to the nearest cent as needed CIL on interest over the life of the loan Monthly Payment on a 1 000 loan Annual Interest Rate 4 5 6 8 10 Number of Years for the Loan 4 20 10 22 58 10 12 23 03 10 61 6 06 6 60 11 10 7 16 12 13 8 36 13 22 9 65 3 29 53 29 97 30 42 23 49 31 34 24 41 32 27 25 36 30 4 77 5 37 6 00 7 34 8 78 X