# If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage paym?

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If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage payment assuming the finance for 25 years at 6.75%. How much would they save on each monthly payment by making the down payment? How much interest would they save over the life time of the loan?

4 Thoughts on If shantel and kwami made a downpayment of 20,000 on a 175,000 home, what would be their monthly mortgage paym?
Judy
April 27, 2013 at 1:29 am

Mortgage calculator
Chances are you will have another similar question.
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Beverly S
April 27, 2013 at 1:58 am

Payment for principal & interest would be \$ 1070.92. Savings on each payment would be \$ 138.18. Can’t answer the last part without doing a whole bunch work- sorry.

Trevor M
April 27, 2013 at 2:21 am

I don’t feel like doing your math homework but if you really want the mortgage payment you don’t have enough info. That downpayment is less than 20% so there will likely be Mortgage Insurance, at least for a few years. More importantly what are taxes in the area and do you have a general idea of insurance. While you have a mortgage, most banks will insist you pay these to them in an escrow account so they know it is getting done.

as tothemath you want us to do, I found this nice chart and to help you figure it yourself. Instructions are on the bottom of the page.
http://www.harpfinancial.com/AmortizationChart.htm