Business, 07.04.2021 17:30 mrlepreqon8897

Information for the following questions: A home is being purchased for $300,000.

What is the mortgage amount, (loan) with a 20% down payment?

Using an online mortgage calculator with an amortization schedule, (Bankrate. com usually is a good one), answer the following:

2. What is the mortgage payment on the loan above for 15 years at 2.75%?

3. What is the total amount to be paid if held to maturity?

4. How much is the principal on the 1st payment?

5. How much is the interest on the 1st payment?

6. How much is the principal on the 36th payment?

7. How much is the interest on the 36th payment?

8. What is the mortgage payment on the loan for 15 years at 2.5%?

9. What is the total amount to be paid if held to maturity?

10. What is the mortgage payment on the loan for 30 years at 3%?

11. What is the total amount to be paid if held to maturity?

12. What is the mortgage payment on the loan for 30 years at 3.125%

13. What is the total amount to be paid if held to maturity?

When applying for the loan, the lender has the following fees:

Loan origination fee of 1%

Appraisal fee of $750.00

Title insurance $275.00

Fee because they can $300.00

Points of 2% if you take out a 15-year loan at 2.125%

14. How much money is the 2% points?

15. Assuming you take out the loan for 15 years at 2.125%, how much money will you need to pay in costs to obtain the loan from the lender?

Answers: 2

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Information for the following questions: A home is being purchased for $300,000.

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