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Standard mortgage (360 months) with monthly payments and a nominal rate of 5.70%. The portion of the payments during the first 30 months goes toward interest is 80.53%
Interest portion means the quantities of each of the payments within the column inside the agenda attached to the acquisition agreement special “interest,” denominated as and comprising hobby pursuant to the purchase settlement and obtained with the aid of any owner.
To find the portion of the payments during the first 30 months that goes toward interest follow the following steps:
Let's assume the mortgage amount is 10,00,000
Computation of monthly installment
FV 0
PV -1,00,000
I 5.70% / 12 = 0.4750%
N 360
Computation of loan value at 30th payment
PV -1,00,000
PMT $580.40
I 0.4750%
N 30
Compute FV = $96,610.23
Total interest ( 580.40 * 30 - (1,00,000) ) = $14,022.24
Total payment ( 580.40 * 30 ) = $17,412.01
Interest as % of total payment = Total interest / Total payment
Interest as % of total payment = 80.53%
A mortgage is a settlement between you and a lender that allows you to borrow cash to purchase or refinance a domestic and gives the lender the proper to take your property if you fail to pay off the money you have borrowed.
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