Example: A borrower finances $450,000 of their home purchase with a 2/28 mortgage offering a 6% interest rate and the option to make a minimum payment equal to $1250 instead of the fully amortizing payment whenever a scheduled payment is due for the first 2 years of the loan.

What is the remaining balance on the loan after 1 month if the borrower makes the fully amortizing payment when the first payment is due?

What is the remaining balance on the loan after 1 month if the borrower makes the minimum payment when the first payment is due?

What is the remaining balance on the loan after 24 months if the borrower makes the minimum payment for each month of the first two years of the loan?