Introduction to mortgage loans발음듣기
대기중
Introduction to mortgage loans
194문장
100% 한국어
번역 5명 참여
출처 : 칸아카데미
Introduction to mortgage loans
[Voiceover] What I want to do in this video is explain what a mortgage is.
I think most of us have at least a general sense of it, but even better than that, actually go into the numbers and understand a little bit of what you are actually doing when you're paying a mortgage, what it's made up of and how much of it is interest versus how much of it is actually paying down the loan.
Let's just start with a little example.
Let's say that there is a house that I like.
Let's say that that is the house that I would like to purchase.
It has a price tag of, let's say that I need to pay $500,000 to buy that house.
This is the seller of the house right here.
And they have a mustache.
That's the seller of the house.
I would like to buy it.
I would like to buy the house.
This is me right here.
And I've been able to save up $125,000 dollars.
I've been able to save up $125,000 but I would really like to live in that house so I go to a bank.
I go to a bank, let me get a good color for a bank.
That is the bank right there.
And I say, "Mr. Bank, can you lend me the rest of the amount I need for that house?"
Which is essentially $375,000.
I'm putting 25% down. This number right here, that is 25% of $500,000.
So I ask the bank, "Can I have a loan for the balance?
Can I have $375,000 loan?"
And the bank says, "Sure. You seem like a nice guy with a good job who has good credit rating.
'"I will give you the loan but while you're paying off the loan you can't have the title of that house.
'"We have to have that title of the house and once you pay off the loan, we're going to give you the title of the house."
What's gonna happen here is the loan is gonna go to me, so it's $375,000.
$375,000 loan.
Then I can go and buy the house.
I'm gonna give the total $500,000, $500,000 to the seller of the house, and I'll actually move into the house myself, assuming I'm using it for my own residence.
But the title of the house, the document that says who actually owns the house.
This is the home title.
This is the title of the house. Home title.
It will not go to me.
It will go to the bank.
The home title will go from the seller, or maybe even the seller's bank, because maybe they haven't paid off their mortgage.
It will go to the bank that I'm borrowing from.
This transferring of the title to secure a loan.
When I say "secure a loan," I'm saying I need to give something to the lender in case I don't pay back the loan or if I just disappear.
This is the security right here.
That is technically what a mortgage is.
This pledging of the title as the security for the loan, that's what a mortgage is.
It actually comes from old French.
Mort means dead, and the gage means pledge.
I'm 100% sure I'm mispronouncing it, but it comes from dead pledge because I'm pledging it now but that pledge will eventually die once I pay off the loan.
Once I pay off the loan this pledge of the title to the bank will die and it will come back to me.
That's why it's called a dead pledge, or a mortgage.
And probably because it comes from old French is the reason we don't say mort-gage, we say mortgage.
But anyway, this is a little bit technical, but normally when people refer to a mortgage they're really referring to the loan itself.
They're really referring to the mortgage loan.
What I want to do in the rest of this video is use a screenshot from a spreadsheet I made to actually show you the math, or actually show you what your mortgage payment is going to.
You can download this spreadsheet at khan academy, khanacademy.org/downloads/mortgage calculator.
Or actually, even better, just go to the downloads folder and on your web browser you'll see a bunch of files, and it will be the file called Mortgage Calculator, MortgageCalculator.xlsx.
It's a Microsoft 2007 format.
Just go to this URL, then you'll see all the files there and you can just download this file if you want to play with it.
What it does here, in this kind of dark brown color, these are the assumptions that you can input and then you can change these cells in your spreadsheet without breaking the whole spreadsheet.
Here I've assumed a 5.5% interest rate.
I'm buying a $500,000 home.
It's a 25% down payment, that's the $125,000 that I had saved up, that I talked about right over there.
And then the loan amount.
Well, I have 125, I'm gonna have to borrow 375, it calculates it for us.
And then I'm gonna get a pretty plain vanilla loan.
This is gonna be a 30 year.
When I say term in years, this is how long the loan is for.
So 30 years.
It's gonna be a 30 year fixed-rate mortgage.
Fixed rate, which means the interest rate won't change.
We'll talk about that a little bit.
This 5.5% that I'm paying on the money that I borrowed will not change over the course of the 30 years.
We will see that the amount I've borrowed changes as I pay down some of the loan.
This little tax rate that I have here, this is to actually figure out what is the tax savings of the interest deduction on my loan.
We'll talk about that in a second, you can ignore it for now.
Then these other things that aren't in brown, you shouldn't mess with these if you actually do open up the spreadsheet yourself.
These are automatically calculated.
This right here is a monthly interest rate.
So it's literally the annual interest rate, 5.5%, divided by 12.
And most mortgage loans are compounded on a monthly basis so at the end of every month they see how much money you owe and they will charge you this much interest on that for the month.
Now given all of these assumptions, there's a little bit of behind-the-scenes math, and in a future video I might actually show you how to calculate what the actual mortgage payment is.
It's actually a pretty interesting problem.
But for a $500,000 loan - Well, a $500,000 house, a $375,000 loan over 30 years at a 5.5% interest rate, my mortgage payment is going to be roughly $2,100.
Right when I bought the house, I want to introduce a little bit of vocabulary, and we've talked about this in some of the other videos.
There's a asset in question right here, it's called a house.
And we're assuming it's worth $500,000.
We're assuming it's worth $500,000. That is an asset.
It's an asset because it gives you future benefit;
The future benefit of being able to live in it.
Now there's a liability against that asset, that's the mortgage loan.
That's a $375,000 liability.
$375,000 loan or debt.
If this was your balance sheet, if this was all of your assets and this is all of your debt, and you were essentially to sell the assets and pay off the debt,
if you sell the house you get the title, you can get the money, then you pay it back to the bank.
Well actually, it doesn't necessarily go into that order but I won't get too technical.
But if you were to unwind this transaction immediately after doing it, then you would have a $500,000 house,
you'd pay off your $375,000 in debt, and you would get, in your pocket, $125,000, which is exactly what your original down payment was.
But this is your equity.
The reason why I'm pointing it out now is, in this video I'm not gonna assume anything about the house price, whether it goes up or down, we're assuming it's constant.
But you could not assume it's constant and play with the spreadsheet a little bit.
But I'm introducing this because as we pay down the debt this number's going to get smaller.
So this number is getting smaller.
Let's say at some point this is only 300,000.
Then my equity is going to get bigger.
So you could do equity is how much value you have after you pay off the debt for your house.
If you were to sell the house, pay off the debt, what do you have left over for yourself.
This is the real wealth in the house, this is what you own.
Wealth in house, or the actual what the owner has.
What I've done here is - Actually before I get to the chart let me actually show you how I calculate the chart.
I do this over the course of 30 years, and it goes by month.
So you can imagine that there's actually 360 rows here in the actual spreadsheet, and you'll see that if you go and open it up.
But I just want to show you what I did.
On month 0, which I don't show here, you borrow $375,000.
Now, over the course of that month they're going to charge you .46% interest.
Remember, that was 5.5% divided by 12.
.46% interest on $375,000 is $1,718.75.
So I haven't made any mortgage payments yet.
I've borrowed 375,000.
This much interest essentially got built up on top of that, it got accrued.
So now before I've paid any of my payments, instead of owing 375,000 at the end of the first month, I owe $376,718.
Now, I'm a good guy, I'm not gonna default on my mortgage so I make that first mortgage payment that we calculated right over here.
After I make that payment then I'm essentially, what's my loan balance after making that payment?
Well, this was before making the payment, so you subtract the payment from it.
This is my loan balance after the payment.
Now this right here, the little asterisk here, this is my equity now.
So remember, I started with $125,000 of equity.
After paying one loan balance, after my first payment, I now have $125,410 in equity, so my equity has gone up by exactly $410.
Now you're probably saying, "Gee. I made a $2,000 payment, roughly a $2,000 payment, and my equity only went up by $410."
'"Shouldn't this debt have gone down by $2,000 and my equity have gone up by $2,000?"
And the answer is no because you had to pay all of this interest.
So at the very beginning, your payment, your $2,000 payment, is mostly interest.
Only $410 of it is principal.
So as your loan balance goes down you're going to pay less interest here, so each of your payments are going to be more weighted towards principal, and less weighted towards interest.
And then to figure out the next line, this interest accrued right here, I took your loan balance exiting the last month, multiplied that times .46%.
You get this new interest accrued.
This is your new pre-payment balance.
I pay my mortgage again.
This is my new loan balance.
And notice, already by month two, $2 more went to principal.
And $2 less went to interest.
And over the course of 360 months you're going to see that it's an actual, sizable difference, and that's what this chart shows us right here.
This is the interest and principal portions of our mortgage payment.
So this entire height right here, this is - Let me scroll down a little bit.
This is by month. So this entire height, you notice, this is exactly our mortgage payment, this $2,129.
Now, on that very first month you saw that of my $2,100, only $400 of it, this is the $400.
Only $400 of it went to actually pay down the principal, the actual loan amount.
The rest of it went to pay down interest, the interest for that month.
Most of it went for the interest of the month.
But as I start paying down the loan, as the loan balance gets smaller and smaller, each of my payments, there's less interest to pay.
Let me do a better color than that.
There's less interest. We go out here, this is month 198, over there that last month there was less interest,
so more of my $2,100 actually goes to pay off the loan until we get all the way to month 360.
You can see this in the actual spreadsheet.
At month 360 my final payment is all going to pay off the principal.
Very little, if anything, of that is interest.
Now, the last thing I want to talk about in this video, without making it too long, is this idea of a interest tax deduction.
A lot of times you'll hear financial planners or realtors tell you the benefit of buying your house is it has tax advantages, and it does.
Your interest is tax deductible.
Your interest, not your whole payment.
Your interest is tax deductible.
I want to be very clear what deductible means.
First let's talk about what the interest means.
This whole time over 30 years I am paying $2,100 a month, or $2129.21 a month.
Now the beginning, a lot of that is interest.
So on month one, 1,700 of that was interest.
That $1,700 is tax deductible.
As we go further and further, each month I get smaller and smaller tax deductible portion of my actual mortgage payment.
Out here the tax deduction is actually very small, as I'm getting ready to pay off my entire mortgage and get the title of my house.
I want to be very clear on this notion of what tax deductible even means, because I think it is misunderstood very often.
Let's say in one year I paid, I don't know, I'm gonna make up a number, I didn't calculate it on the spreadsheet.
Let's say in year one I pay $10,000 in interest.
10,000 in interest.
Remember, my actual payments will be higher than that because some of my payments went to actually paying down the loan.
But let's say 10,000 went to interest.
And let's say before this, let's say before this I was making 100,000, let's put the loan aside.
Let's say I was making $100,000 a year, and let's say I was paying roughly 35% on that 100,000.
I won't go into the whole tax structure and the different brackets and all of that.
Let's say if I didn't have this mortgage I would pay 35% taxes, which would be about $35,000 in taxes for that year.
This is just a rough estimate.
When you say that $10,000 is tax deductible, the interest is tax deductible, that does not mean that I can just take it from the $35,000 that I would have normally owed and only pay 25,000.
What it means is I can deduct this amount from my income.
When I tell the IRS how much did I make this year, instead of saying I made $100,000, I say that I made $90,000 because I was able to deduct this, not directly from my taxes, I was able to deduct it from my income.
So now if I only made $90,000 - and this is, I'm doing a gross oversimplification of how taxes actually get calculated - and I pay 35% of that, let's get the calculator out.
Let's get the calculator.
So 90 times .35 is equal to 31,500.
So this will be equal to $31,500. $31,500.
Off of a 10,000 deduction, $10,000 of deductible interest, I essentially saved $3,500. I did not save $10,000.
Another way to think about it, if I paid 10,000 interest and my tax rate is 35%, I'm gonna save 35% of this in actual taxes.
This is what people mean when they say deductible.
You're deducting it from the income that you report to the IRS.
If there's something that you could take straight from your taxes, that's called a tax credit.
If there was some special thing that you could actually deduct it straight from your taxes, that's a tax credit.
But a deduction just takes it from your income.
On this spreadsheet I just want to show you that I actually calculated, in that month, how much of a tax deduction do you get.
So for example, just off of the first month you paid $1,700 in interest of your $2,100 mortgage payment, so 35% of that, and I got 35% as one of your assumptions, 35% of $1,700, I will save $600 in taxes on that month.
So roughly over the course of the first year I'm gonna save about $7,000 in taxes, so that's nothing to sneeze at.
Anyway, hopefully you found this helpful and I encourage you to go to that spreadsheet, and play with the assumptions, only the assumptions in this brown color unless you really know what you're doing with a spreadsheet, and you can see how this actually changes based on different interest rates, different loan amounts, different down payments, different terms.
Different tax rates, that will actually change the tax savings, and you can play around with the different types of fixed mortgages on this spreadsheet.
번역
0%
I think most of us have at least a general sense of it, but even better than that, actually go into the numbers and understand a little bit of what you are actually doing when you're paying a mortgage, what it's made up of and how much of it is interest versus how much of it is actually paying down the loan.발음듣기
대기중
I've been able to save up $125,000 but I would really like to live in that house so I go to a bank.발음듣기
대기중
And the bank says, "Sure. You seem like a nice guy with a good job who has good credit rating.발음듣기
대기중
'"I will give you the loan but while you're paying off the loan you can't have the title of that house.발음듣기
대기중
'"We have to have that title of the house and once you pay off the loan, we're going to give you the title of the house."발음듣기
대기중
I'm gonna give the total $500,000, $500,000 to the seller of the house, and I'll actually move into the house myself, assuming I'm using it for my own residence.발음듣기
대기중
The home title will go from the seller, or maybe even the seller's bank, because maybe they haven't paid off their mortgage.발음듣기
대기중
When I say "secure a loan," I'm saying I need to give something to the lender in case I don't pay back the loan or if I just disappear.발음듣기
대기중
I'm 100% sure I'm mispronouncing it, but it comes from dead pledge because I'm pledging it now but that pledge will eventually die once I pay off the loan.발음듣기
대기중
Once I pay off the loan this pledge of the title to the bank will die and it will come back to me.발음듣기
대기중
And probably because it comes from old French is the reason we don't say mort-gage, we say mortgage.발음듣기
대기중
But anyway, this is a little bit technical, but normally when people refer to a mortgage they're really referring to the loan itself.발음듣기
대기중
What I want to do in the rest of this video is use a screenshot from a spreadsheet I made to actually show you the math, or actually show you what your mortgage payment is going to.발음듣기
대기중
You can download this spreadsheet at khan academy, khanacademy.org/downloads/mortgage calculator.발음듣기
대기중
Or actually, even better, just go to the downloads folder and on your web browser you'll see a bunch of files, and it will be the file called Mortgage Calculator, MortgageCalculator.xlsx.발음듣기
대기중
Just go to this URL, then you'll see all the files there and you can just download this file if you want to play with it.발음듣기
대기중
What it does here, in this kind of dark brown color, these are the assumptions that you can input and then you can change these cells in your spreadsheet without breaking the whole spreadsheet.발음듣기
대기중
It's a 25% down payment, that's the $125,000 that I had saved up, that I talked about right over there.발음듣기
대기중
This 5.5% that I'm paying on the money that I borrowed will not change over the course of the 30 years.발음듣기
대기중
This little tax rate that I have here, this is to actually figure out what is the tax savings of the interest deduction on my loan.발음듣기
대기중
Then these other things that aren't in brown, you shouldn't mess with these if you actually do open up the spreadsheet yourself.발음듣기
대기중
And most mortgage loans are compounded on a monthly basis so at the end of every month they see how much money you owe and they will charge you this much interest on that for the month.발음듣기
대기중
Now given all of these assumptions, there's a little bit of behind-the-scenes math, and in a future video I might actually show you how to calculate what the actual mortgage payment is.발음듣기
대기중
But for a $500,000 loan - Well, a $500,000 house, a $375,000 loan over 30 years at a 5.5% interest rate, my mortgage payment is going to be roughly $2,100.발음듣기
대기중
Right when I bought the house, I want to introduce a little bit of vocabulary, and we've talked about this in some of the other videos.발음듣기
대기중
If this was your balance sheet, if this was all of your assets and this is all of your debt, and you were essentially to sell the assets and pay off the debt,발음듣기
대기중
if you sell the house you get the title, you can get the money, then you pay it back to the bank.발음듣기
대기중
But if you were to unwind this transaction immediately after doing it, then you would have a $500,000 house,발음듣기
대기중
you'd pay off your $375,000 in debt, and you would get, in your pocket, $125,000, which is exactly what your original down payment was.발음듣기
대기중
The reason why I'm pointing it out now is, in this video I'm not gonna assume anything about the house price, whether it goes up or down, we're assuming it's constant.발음듣기
대기중
But I'm introducing this because as we pay down the debt this number's going to get smaller.발음듣기
대기중
So you could do equity is how much value you have after you pay off the debt for your house.발음듣기
대기중
What I've done here is - Actually before I get to the chart let me actually show you how I calculate the chart.발음듣기
대기중
So you can imagine that there's actually 360 rows here in the actual spreadsheet, and you'll see that if you go and open it up.발음듣기
대기중
So now before I've paid any of my payments, instead of owing 375,000 at the end of the first month, I owe $376,718.발음듣기
대기중
Now, I'm a good guy, I'm not gonna default on my mortgage so I make that first mortgage payment that we calculated right over here.발음듣기
대기중
After I make that payment then I'm essentially, what's my loan balance after making that payment?발음듣기
대기중
After paying one loan balance, after my first payment, I now have $125,410 in equity, so my equity has gone up by exactly $410.발음듣기
대기중
Now you're probably saying, "Gee. I made a $2,000 payment, roughly a $2,000 payment, and my equity only went up by $410."발음듣기
대기중
So as your loan balance goes down you're going to pay less interest here, so each of your payments are going to be more weighted towards principal, and less weighted towards interest.발음듣기
대기중
And then to figure out the next line, this interest accrued right here, I took your loan balance exiting the last month, multiplied that times .46%.발음듣기
대기중
And over the course of 360 months you're going to see that it's an actual, sizable difference, and that's what this chart shows us right here.발음듣기
대기중
This is by month. So this entire height, you notice, this is exactly our mortgage payment, this $2,129.발음듣기
대기중
But as I start paying down the loan, as the loan balance gets smaller and smaller, each of my payments, there's less interest to pay.발음듣기
대기중
There's less interest. We go out here, this is month 198, over there that last month there was less interest,발음듣기
대기중
so more of my $2,100 actually goes to pay off the loan until we get all the way to month 360.발음듣기
대기중
Now, the last thing I want to talk about in this video, without making it too long, is this idea of a interest tax deduction.발음듣기
대기중
A lot of times you'll hear financial planners or realtors tell you the benefit of buying your house is it has tax advantages, and it does.발음듣기
대기중
As we go further and further, each month I get smaller and smaller tax deductible portion of my actual mortgage payment.발음듣기
대기중
Out here the tax deduction is actually very small, as I'm getting ready to pay off my entire mortgage and get the title of my house.발음듣기
대기중
I want to be very clear on this notion of what tax deductible even means, because I think it is misunderstood very often.발음듣기
대기중
Let's say in one year I paid, I don't know, I'm gonna make up a number, I didn't calculate it on the spreadsheet.발음듣기
대기중
Remember, my actual payments will be higher than that because some of my payments went to actually paying down the loan.발음듣기
대기중
And let's say before this, let's say before this I was making 100,000, let's put the loan aside.발음듣기
대기중
Let's say I was making $100,000 a year, and let's say I was paying roughly 35% on that 100,000.발음듣기
대기중
Let's say if I didn't have this mortgage I would pay 35% taxes, which would be about $35,000 in taxes for that year.발음듣기
대기중
When you say that $10,000 is tax deductible, the interest is tax deductible, that does not mean that I can just take it from the $35,000 that I would have normally owed and only pay 25,000.발음듣기
대기중
When I tell the IRS how much did I make this year, instead of saying I made $100,000, I say that I made $90,000 because I was able to deduct this, not directly from my taxes, I was able to deduct it from my income.발음듣기
대기중
So now if I only made $90,000 - and this is, I'm doing a gross oversimplification of how taxes actually get calculated - and I pay 35% of that, let's get the calculator out.발음듣기
대기중
Off of a 10,000 deduction, $10,000 of deductible interest, I essentially saved $3,500. I did not save $10,000.발음듣기
대기중
Another way to think about it, if I paid 10,000 interest and my tax rate is 35%, I'm gonna save 35% of this in actual taxes.발음듣기
대기중
If there's something that you could take straight from your taxes, that's called a tax credit.발음듣기
대기중
If there was some special thing that you could actually deduct it straight from your taxes, that's a tax credit.발음듣기
대기중
On this spreadsheet I just want to show you that I actually calculated, in that month, how much of a tax deduction do you get.발음듣기
대기중
So for example, just off of the first month you paid $1,700 in interest of your $2,100 mortgage payment, so 35% of that, and I got 35% as one of your assumptions, 35% of $1,700, I will save $600 in taxes on that month.발음듣기
대기중
So roughly over the course of the first year I'm gonna save about $7,000 in taxes, so that's nothing to sneeze at.발음듣기
대기중
Anyway, hopefully you found this helpful and I encourage you to go to that spreadsheet, and play with the assumptions, only the assumptions in this brown color unless you really know what you're doing with a spreadsheet, and you can see how this actually changes based on different interest rates, different loan amounts, different down payments, different terms.발음듣기
대기중
칸아카데미 더보기더 보기
-
Economic profit vs accounting profit
113문장 100%번역 좋아요1
번역하기 -
Roman social and political structures
84문장 100%번역 좋아요1
번역하기 -
Flute: Interview and demonstration with princ...
48문장 100%번역 좋아요0
번역하기 -
48문장 100%번역 좋아요2
번역하기
