down payment was 10%.
mortgage amount was .9 * 209,400 = 188,460.
interest rate was 10% per year, compounded monthly = 10/12 = .833333333%.
the number of months on the loan is 15 years * 12 months per year = 180 months.
the monthly payments are made at the end of each month.
you can use a calculator or a formula to find the end of month payment.
i used the following calculator to find the required payment at the end of each month.
https://arachnoid.com/finance/index.html
these were my inputs.
188,460. * (1 + 5/600) minus the monthly payment.
this was my output.
at the end of the first month, the remaining balance will be:
188460 * (1 + .10/12) minus 2025.20
this results in 190030.5 minus 2025.20 = 188005.3.
the interest part of the payment was 190030.5 minus 188460 = 1570.5.
the equity part of the payment was 2025.20 minus 1570.5 = 454.7.
here's what the remaining balance and interest and equity looks like for the first few months of the loan.
here's what the remaining balance and interest and equity looks like for the last few months of the loan.
each payment is broken down into the interest portion and the equity portion of that payment.
the remaining balance of the loan increases at the end of each month by the interest portion of the loan and decreases at the end of each month by the equity portion of the loan.
at the end of the 180th month, the remaining balance on the loan is 0, as it should be.
in the beginning months of the loan, most of the payments go to interest.
in the ending months of the loan, most of the payments go to equity.
the heading at the top of each column are:
eom = end of month.
rembal = remaining balance
pmt = payment
int = interest
equity = equity