I$\text{'}$m buying a condo and need to get a mortgage. You are a Mortgage Originator and have offered the following.

The sales price of the condo is $$550,000.$ My downpayment will be $$100,000$

I am also going to finance the closing costs of $$14,500$

The interest rate will be $6\mathrm{.}625$

The term will be $20$ years

Calculate the Mortgage Payment

Answer