# If tremaine waited until he had \$30,000 saved for a down payment, what would his monthly payment be

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## Question:

If tremaine waited until he had \$30,000 saved for a down payment, what would his monthly payment be

His monthly payment will be \$574.52

Here, we will use the PMT function in Excel to calculate the Monthly loan payment.

• Loan amount (Pv) = Cost of house – Down payment = \$145,000 – \$30,000 = \$115,000.

Given information

Rate = 4.38% / 12

Nper = 30*12 = 360

PV = 115,000

Monthly payment = PMT(Rate, Nper, Pv)

Monthly payment = PMT(4.338%/12, 360, 115000)

Monthly payment = \$574.52

Therefore, tremaine’s monthly payment on the loan will be \$574.52.

Missing information includes ” Wants a one bedroom townhouse in a trendy new development downtown; average cost is \$145,000 ● Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage ● Has saved \$15,000 for a down payment”

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