One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.
  • AlDente@sh.itjust.worksEnglish
    2·
    1 year ago

    Payment = rate*(loan amount)/(1-(1+rate)^(-number of payments))

    Rate =.03/12 = 0.0025

    Payment = 0.0025*100000/(1-1.0025^(-360)) Payment = $421.60

    Therefore, $151776 will be paid in total, or $51776 in interest.