Assignment task: Home Mortgage Amortization Schedule
You are considering buying a house with a listed price of $400,000. After doing some research, you have concluded that a 30-year fixed-rate mortgage is the best option for you. The bank requires you to put a down payment equal to 20% of the value of the house. You plan to use your savings to meet the down payment and borrow the balance from the bank. The bank's annual interest rate for a 30-year fixed-rate home mortgage is 6.6%. Both interest and principal are payable at the end of each month.
Assignment:
Prepare a complete mortgage amortization schedule for this house purchase in Excel. It should show the mortgage, interest, and principal payments and the principal balance remaining at the end of each month.
Submit:
- The Excel spreadsheet solution
- The PDF version of your spreadsheet solution
Please submit both (1) and (2) above as attachments.