Question if you took a home mortgage loan of 150000 for 30, Ask an Expert

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Question: If you took a home mortgage loan of $150,000 for 30 years at 8.4%, compounded monthly, your monthly payments would be $1142.76. Suppose after 2 years you had an additional $2000. Would you save more over the life of the loan by paying an extra $2000 with your 24th payment or by paying $1160 per month beginning with the 25th payment? To help you answer this question, complete the following.

(a) Find the unpaid balance after 24 payments (both including and not including the $2000 payment).

(b) Determine how long it takes to pay off the loan with the regular $1142.76 payments and the additional $2000 payment. Then find the total interest paid.

(c) Determine how long it takes to pay off the loan without the additional $2000 payment, but with monthly payments of $1160 from the 25th payment. Then find the total interest paid.

(d) Which payment method costs less?

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