Greg purchased a home for $210,000 with a $45,000 down payment, financing the remaining $165,000 with a 20-year mortgage at 4.25% interest. His equity after 5 payments will be calculated based on the interest and principal portions of each payment reducing the outstanding principal balance over those 5 periods.

1. Mortgage Payments

2. Greg purchases a home with a market value of
$210 000. He has a down payment of
$45 000, and finances the rest with a
mortgage for 20 years at 4.25%.
Calculate Greg's equity after 5 payments.

4. Payment
o/s Interest Principal New Equity
Principal Balance