Answer:
The monthly payments for $250,000 mortgage is $2,109.64.
Explanation:
Mortgage value = $250,000
Period of years = 15
Interest rate = 6% compounded monthly
Using an online calculator,
The remaining balance is $250,000.00. The monthly pay is $2,109.64 for 15 years or 180 months. It will result in interest expense of $129,735.57.
The Original Payoff Schedule
Monthly Pay $2,109.64
Total Payments $379,735.57
Total Interest $129,735.57
