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You plan to buy a house in July 2019. The sale price is $350,000. You need to pay 20% down payments and borrow additional 80%
You plan to buy a house in July 2019. The sale price is $350,000. You need to pay 20% down payments and borrow additional 80% from Wells Fargo with a traditional 15-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from August 2019 for a total of 15 years.
(1) Calculate your expected monthly mortgage payment.
(2) Develop the 2019~2034 amortization table for your mortgage loan.
(1) When you prepare your 2019 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?
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