Financial Analysis of Buying a Home

Suppose that ten years ago, you bought a home for $210,000, paying 10% as a down payment and financing the rest at 5% interest for 30 years. How much money did you pay as your down payment?

Suppose that ten years ago, you bought a home for $210,000, paying 10% as a down payment and financing the rest at 5% interest for 30 years. How much money did you pay as your down payment? How much money did you need to borrow? What is your monthly loan payment? How much of the first month’s payment went to interest, and how much to the principal? How much did you still owe at the beginning of month 2?