Im not very good with excel so can someone put me this in a sheet with all the solution.

Price of the property = $998000

Down payment = 20% of the property price =20%*998000 Down payment = $199600

Amount to be acquired through loan = 998000*80% = $798400

There are two offers:

Offer 1: Go with 6% loan for 15 years

Offer 2: Go with 6% loan for 20 Years

In both the offers, loans have to be paid on a monthly basis through EMI. Offer 1: Go with 6% loan for 15 years

Time = 15 years which is 180 months

Interest rate = 6%/12 = .5% per month

EMI = monthly installment

Present value of the loan = EMI*(1-1/(1+.5%)^180)/.5%

798400 = EMI*118.5035

EMI = 798400 / 118.5035

EMI = $6737.354 

It has to have 180 rows. I have the formulars but do not know how to put it in.

Also a second sheet with 240 rows.

Offer 2: Go with 6% loan for 20 Years Time = 20 years = 240 months Interest rate = 6%/12 = .5% per month EMI = monthly installment

Present value of the loan = EMI*(1-1/(1+.5%)^240)/.5% 798400 = EMI*139.5808

EMI = 798400 / 139.5808

EMI = $5719.984 

I know the solution. which is

Both options are offering 6% loan however with different durations. In 15 year loan, EMI is $6737.354, and in a 20-year mortgage, EMI is $5719.984.

Thus, the difference in EMI = 6737.354 – 5719.984 = $1017.37.

However, total interest paid in 15-year plan = $414323.4045

Total interest paid in 20-year plan = $574396.7947

Additional interest paid = 574396.7947 – 414323.4045 = $160073.39

Afterall, it might better to go with small duration option so that less interest is paid over the period.