Ryan took out a mortgage of $107,200 at 3.75% for 15 years. What are his monthly payments? What is the total interest on a $250,000 mortgage at 6% for 15 years? (Hint: get the monthly payments first.)
What is the total interest on a $400,000 mortgage at 5% for 5 years? (Hint: get the monthly payments first.)
Prepare an amortization schedule for the first month of a $225,000 mortgage at 4.75% for 30 years. The calculated monthly payment is 925.00. You are looking for the outstanding balance after the first month’s payment.
Prepare an amortization schedule of the first four payments of a $106,000 mortgage at 7.75% for the first 10 years. You are looking for the outstanding balance after the first month’s payment.
Calculate the monthly PITI on a $90,000 loan, at 9.00% interest, for 20 years, with annual property tax of $2,700 and annual insurance of $1,200.
Calculate the monthly PITI on a $73,500 loan, at 6.00% interest, for 30 years, with annual property tax of $6,560 and annual insurance of $890.
Calculate the monthly PITI on a $165,900 loan, at 4.50% interest, for 25 years, with annual property tax of $4,550 and annual insurance of $1,700.
Brady Owen purchased a $180,000 home. The down payment is 25%. The balance was financed with a 25-year fixed-rate mortgage at 6.5% interest and 2 discount points (each point is 1% of the amount financed). They put down a deposit of $12,500 when they signed the sales contract (credited to their down payment at the time of the closing). In addition, he must pay the following expenses: credit report: $75, appraisal fee: $175, title insurance premium: 1/2% of the amount financed; title search: $250; attorney's fees: $400. Calculate the amount due from Brady at the time of the closing.
Brady Owen purchased a $180,000 home. The down payment is 25%. The balance was financed with a 25-year fixed-rate mortgage at 6.5% interest and 2 discount points (each point is 1% of the amount financed). They put down a deposit of $12,5000 when they signed the sales contract (credited to their down payment at the time of the closing). In addition, he must pay the following expenses: credit report: $75, appraisal fee: $175, title insurance premium: 1/2% of the amount financed; title search: $250; attorney's fees: $400.
If the sellers are responsible for the broker's commission, which is 7% of the purchase price, $950 in other closing costs, and the existing mortgage with a balance of $55,000, what proceeds will they received on the sale of the property?