Calculate your expected monthly mortgage payment develop, Financial Management

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Calculate your expected monthly mortgage payment develop

You plan to buy a house in Houston in May 2018. The sale price is $380,000. You need to pay 20% down payments and borrow additional 80% from bank of America with a traditional 30-year, 3.6% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from June 2018 for a total of 30 years.

(1) Calculate your expected monthly mortgage payment.

(2) Develop the 2018~2038 amortization table for your mortgage loan.

(1) When you prepare your 2018 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?

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