Question
DATA GIVEN FOR THE OLD LOAN AND THE NEW LOAN RUSH RUSH FINANCE ....PERSONAL Marginal tax rate 6% Resale Plan (Months) 60 MORTGAGE TERMS Original
DATA GIVEN FOR THE OLD LOAN AND THE NEW LOAN
RUSH RUSH FINANCE ....PERSONAL Marginal tax rate 6% Resale Plan (Months) 60 MORTGAGE TERMS Original Mortgage Amount $150,000.00 Current Mortgage Rate 5.75% Original Term (Years) 20 Months Paid 117 New Mortage Rate 3.00% New Term (YEARS) 15 Points 0 REFINACING FEES Application $200.00 Title $2,000.00 Legal $200.00 Other $10,779.85 Points 0 Total Fees $13,179.85 ANALYSIS CURRENT PROPOSED Mortgage Amount 97, 703.26 $97,703.26 ANALYSIS Mortgage Payment Months to Recover Refinancing cost Mortage Balance at Resale (Valor Presente del MA - c26 Principal Repaid to Resale ( - MA - MBAR = c26 c29) Total Payments to Resale Total Interest to Resale Tax Deduction on Interest Net Interest Costo to Resale Interest Savings (COSTS) TOTAL SAVINGS COST (COSTS)
COURSE : FINANCE: INCLUDED DATA FOR OLD LOAM AND NEW LOAN TO RECALCULATE MORTGAGE PAYMENTS ETC
| PERSONAL | |
| MARGINAL TAX RATE | 6% |
| RESALE PLAN (MONTHS) | 60 |
| MORTGAGE TERMS | |
| ORIGINAL MORTGAGE AMOUNT | $150,000.00 |
| CURRENT MORTGAGE RATE | 5.75% |
| ORIGINAL TERM (YEARS) | 20 |
| MONTHS PAID | 117 |
| NEW MORTGAGE RATE | 3.00% |
| NEW TERM (YEARS) | 15 |
| POINTS | 0 |
| REFINANCING FEES | |
| APPLICATION | $200.00 |
| TITLE | $2,000.00 |
| LEGAL | $200.00 |
| OTHER | $10,779.85 |
| POINTS | 0 |
| tOTAL FEES | $13,179.85 |
| ANALYSIS | CURRENT | PRPOSED |
| NORTGAGE AMOUNT | $97,703.26 | $97,703.26 |
| ANALYSIS | FOR THE NEW LOAN : FIND |
| MORTGAGE PAYMENT | |
| MONTHS TO RECOVER REFINANCING COST | |
| MORTGAGE BALANCE AT RESALE (PRESENT VALUE) | |
| PRINCIPAL REPAID TO RESALE | |
| TOTAL PAYMENTS TO RESALE | |
| TOTAL INTEREST TO RESALE | |
| TAX DEDUCTION ON INTEREST | |
| NET INTEREST COST TO RESALE | |
| INTEREST SAVINGS (COSTS) | |
| TOTAL SAVINGS COST | |
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SOLUTION Based on the data provided here is the analysis for the old loan and the new loan Old Loan ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
