Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment. Do not use an online amortization schedule. Note the textbook amortization schedule is using an annual payment. Please complete a schedule for both 180 months (15 years) and 360 months (30 years). The interest rate for the year is 2.75% according to Bankrate for the area the home is in. Remember to divide your interest by 12 to get a monthly rate. How much interest will you pay over the life of each loan? You can determine this by summing all the payments and subtracting the amount borrowed.