A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $916.00. They go to their local banker and she offers them a mortgage of 4.68% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the homes value.

What is the mortgage that the couple can apply for based on their budget and the offered terms?

A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $916.00. They go to their local banker and she offers them a mortgage of 4.68% APR with monthly compounding with a term of 30 years. The couple has enough savings to pay 20% down, so the mortgage will be 80% of the homes value.

With this mortgage and a 20% down payment, what priced house can the couple afford?

A couple took out a 30-year mortgage 10 years ago. At that time, the mortgage was $310,900.00, with 8.40% APR and monthly compounding of interest. Today, the couple has been offered $331,300.00 for their house. If the couple accepts the offer, how much cash will they take from the deal? The cash will be the difference between the sell price and what is owed on the loan.

A family takes out a mortgage for $256,000.00 from the local bank. The loan is for 30 years of monthly payments at a 5.88% APR (monthly compounding). What will the familys balance be on the mortgage after 8.00 years?

A couple took out a $351,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.36% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.

The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.08% APR with monthly compounding. The mortgage will call for monthly payments.

What is the current balance on their existing mortgage?

A couple took out a $351,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.36% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.

The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.08% APR with monthly compounding. The mortgage will call for monthly payments.

What is the new monthly payment if the couple refinances?

A couple took out a $351,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.36% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.

The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.08% APR with monthly compounding. The mortgage will call for monthly payments.

How much will the couple save on monthly payments?