You recently assumed a 15-year mortgage for $150,000 at 6.5 percent interest.How much of the second monthly payment will be applied to the principal balance?

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Quizplus · Accepted Answer

Interest on the first payment = $150,000 × (.065/12) = $812.50Principal on the first payment = $1,306.66 - $812.50 = $494.16Interest on the second payment = ($150,000 - $494.16) × (.065/12) = $809.82

You Recently Assumed a 15-Year Mortgage for $150,000 at 6