Mortgage loans

When buying a house most people take mortgage loans from a bank for the amount they finance, or still unpaid.

When a loan is given, it is repaid with interest in equal monthly installments over a period of time, usually from 15 to 30 years.

Ever wondered about some simple basic math involved in that type of loan?

Say for instance you buy a house for 250,000. Then, you make a down payment of 15% of the purchase price and take a 30-year mortgage for the balance.

What is your down payment?

What is your mortgage?