The price of a home is $300,000. After a 10% down payment, the mortgage is $270,000. If this is financed with a 30-year fixed-rate mortgage at 6%, what is the monthly payment (excluding escrow taxes and insurance)?

Round your answer to the nearest cent.

We previously determined that you will make monthly payments of $1,618.79 for 30 years to pay off the loan. You are paying $1,618.79 per month for 360 months.

1,618.79×360−270,000=312,764.40

You are paying a total of $312,764.40 in interest over the life of the loan.

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The price of a home is $300,000. After a 10% down payment, the mortgage is $270,000. If this is financed with a 30-year fixed-rate mortgage at 6%, what is the monthly payment (excluding escrow taxes and insurance)? Round your answer to the nearest cent.

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The price of a home is $300,000. After a 10% down payment, the mortgage is $270,000. If this is financed with a 30-year fixed-rate mortgage at 6%, what is the monthly payment (excluding escrow taxes and insurance)?

Round your answer to the nearest cent.