You have found a house in Jersey City you would like to buy that costs $600,000. Your mortgage banker offers you several choices for a mortgage and is willing to finance 90% of the purchase.
30 year fixed mortgage at 4.00%
15 year fixed mortgage at 3.875%
5 year fixed mortgage at 3.25%
Using excel spreadsheet calculate how your outstanding of how the loan changes over time for each option (i.e show interest and principal paid and the remaining balance in each month). Use Loan Amortization Excel.