How To Compute Mortgages Part 1 | Contemporary Mathematics
Channel: MathHub TV
Date: 24/03/2021

In this lesson, I am going to teach you how to compute mortgages.  In particular, I am going to give an example of computing the monthly payment and interest costs for a mortgage.  This lesson is covered in Contemporary Mathematics for college students.

I will discuss the complete solution to the following problem:
The price of a home is $195,000. The bank requires a 10% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed rate mortgage at 7.5%.
a.  Find the required down payment.
b.  Find the amount of the mortgage.
c.  How much must be paid for the two points at closing?
d.  Find the monthly payment (excluding escrowed taxes and insurance).
e.  Find the total interest paid over 30 years.

⏲️ Timestamps ⏲️
Introduction: (0:00)
Example Problem (0:03)
How to find the downpayment of a housing loan (0:54)
How to find the amount of mortgage (1:13)
How to calculate 2 points in a mortgage (1:46)
How to get the monthly payment of a mortgage (02:27)
How to find the total interest paid on a mortgage (3:30)

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