Business, 25.02.2020 16:21 21hendlill

You purchase a house that costs $625,000 with an 8%, 30-year mortgage. You make a 20% down payment to avoid PMI insurance.

What is your monthly payment?
Amortize the first and second payments.
What is the mortgage balance after 5 years?
What percentage of the principal is paid off after 5 years?
Suppose after 5 years you refinance at 6% the remaining balance at a cost of
$10,000, for 30 years. What is your new monthly payment?
Further, suppose you maintain the same payments as in (1), i. e. pre-pay on the principal, how many YEARS until you payoff the mortgage?

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You purchase a house that costs $625,000 with an 8%, 30-year mortgage. You make a 20% down payment t...

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