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What is Jacqueline and Keith monthly mortgage payment 2. During the first five years of owning their dream home, how much money has the couple paid towards the mortgage? What 1. What is Jacqueline and Keith's monthly mortgage payment 2. During the first of owning their dream home, how Currently, duelo 9:05wn significantly and a refinancing frenzy is underway. Jacqueline Seardeith have seen 15-year fixed rates with no closing costs) at 2.75%, and 30-year rates at 3.755. Jacqueline and Keith realize that refinancing is quite a hassle due to all the paperwork involved, but with rates being down to 30-year lows they don't want to let this opportunity pass them by. About two years ago, rates were down to similar levels, but they procrastinated and missed the boat. This time, however, the couple called their mortgage officer at the Uptown Bank and locked in the 2.755 15-year rate. Nothing was going to stop them from reducing the costs of paying off their dream house this time! 33 prior to the refinancing proportion of this has been applied towards interest 2. Had the couple opted for the original 15-year mortgage proposal (15 years, 6.25), how much higher would their monthly payment has been? 4. Under the original 15-year, 6.25% mortgage option, how much total interest would have been paid over the life of the loan How does this compare with the total interest that would be paid on the 30-year, 7.255 mortgage? 5. If the Sommers had chosen the original 15-year, 6.25% mort- gage proposal, how much tax shelter would they have lost (over the last five years) as compared to the 30-year, 7.255 6. If the house is currently worth $355.000 and most lenders are willing to lend up to 90% of home value, how much ces equity can the Sommers cash out? 7. Should Jacqueline and Keith cash out the excess equity that they have built up! Assume money market rates are 2.156 8. If the Sommers had increased cach payment by one-twelfth since the beginning of the loan), what would their curto Joan balance amount to? 9. Using the assumption in question & how many total year would it take for the Sommers to pay off the existing loan? Demonstrate your answer with an amortization schedule. 10. Should lacqueline and Keith close the 2.75%. 15-year me page? Explain your answer with suitable stions: prior to the refinancing? much may has the couple and the 9:05 Search Paying Off That Dream House When Jacqueline and Keith Sommers were "house hunting five years ago, the mortgage rates were pretty high. The fixed rate on a 30 year mort page was 7.25%, while the 15-year fixed rate was at 6.255. After walking through many homes, they finally reached a consensus and decided to buy a $300,000, two-story house in an up-and-coming suburban meghborhood in the Midwest. To avoid prepaid mortgage Insurance (PMT), the couple had to borrow from family members and come up with a 205 down ment and the additional required closing costs. Since Jacqueline and Keith had already accumulated significant credit card debt and were still paying off their college loans, they decided to opt for lower monthly payments by taking on a 30-year mortgage, despite its higher interest rate Currently, due to worsening economic conditions mortgage rates have come down significantly and a refinancing frenay is underway. Jacqueline and Keith have seen 15-year fired we (with no closing costs) advertised * 2.75%, e 30-year rates 3.75 Jacqueline and Keith realise the refinancing is quite a hassle due to all the paperwork involved, but with rates being down to 30-year lows they don't want to let this opportunity pass them by About two years ago, we were down to level, but they procrastinated and missed the boat. This time, however, the couple called their mortgage officer at the Uptown Bank and locked in the 2.755 15-year me. Nothing was poing to stop them from reducing the paying off their dream house this time proportion of this has been applied towards interest? Had the couple speed for the original 15-year montage proposal (15 years 6.25), how much higher would their monthly payment have been 4. Under the original 15year, 6.255 mortgage option how much interest would have been paid over the life of de How does this compare with the total interest that would be paid on the year, 7.235 mortgage? 5. If the Sommers had chosen the original 15-year, 6.255 mars pape proposal, how much tashler would they have lost (over the last five years) as compared to the 30-year, 7.255 mortgage? If the house is currently worth 5355.000 and most leaders are willing to lend up to 90% of home value, how much alty can the Sommer cash out 1. Show lequeline Kesh cash out the excess equity that they have buip Ame mesmedles are 2.155 blir stor Carhood to bend When Jacqueline and Keith Sommers were house hunting five years ago, the mortgage rates were pretty high. The fixed rate on a 30-year mort- gage was 7.25%, while the 15-year fixed rate was at 6.25%. After walking through many homes, they finally reached a consensus and decided to buy a $300,000, two-story house in an up-and-coming suburban neighborhood in the Midwest. To avoid prepaid mortgage insurance (PMI), the couple had to borrow from family members and come up with a 20% down pay- ment and the additional required closing costs. Since Jacqueline and Keith had already accumulated significant credit card debt and were still paying off their college loans, they decided to opt for lower monthly payments by taking on a 30-year mortgage, despite its higher interest rate. Currently, due to worsening economic conditions, mortgage rates have come down significantly and a refinancing frenzy is underway. Jacqueline and Keith have seen 15-year fixed rates (with no closing costs) advertised at 2.75%, and 30-year rates at 3.75%. Jacqueline and Keith realize that refinancing is quite a hassle due to all the paperwork involved, but with rates being down to 30-year lows they don't want to let this opportunity pass them by. About two years ago, rates were down to similar levels, but they procrastinated and missed the boat. This time, however, the couple called their mortgage officer at the Uptown Bank and locked in the 2.75%, 15-year rate. Nothing was going to stop them from reducing the costs of paying off their dream house this time! 33 would it take for the Sommers to pay off the existing loan? 5. If the Sommers had chosen the original 15-year, 6.25% mort- eing an gage proposal, how much tax shelter would they have lost - hom n (over the last five years) as compared to the 30-year, 7.25% mortgage? Yud boonho 6. If the house is currently worth $355,000 and most lenders are quos willing to lend up to 90% of home value, how much excess -vsqnvob equity can the Sommers cash out? in most wortod olbal JOT Sport 7. Should Jacqueline and Keith cash out the excess equity that they have built up? Assume money market rates are 2.15%. YO 8. If the Sommers had increased each payment by one-twelfth (since the beginning of the loan), what would their current loan balance amount to? vidio bo 9. Using the assumption in question 8, how many total years Vilnios Demonstrate your answer with an amortization schedule. ludzsvolle 10. Should Jacqueline and Keith cler gage? Explain your Siquos 6. If the house is currently worth $355,000 and most lenders are willing to lend up to 90% of home value, how much excess equity can the Sommers cash out? 7. Should Jacqueline and Keith cash out the excess equity that they have built up? Assume money market rates are 2.15%. 8. If the Sommers had increased each payment by one-twelfth (since the beginning of the loan), what would their current loan balance amount to? ba 9. Using the assumption in question 8, how many total years would it take for the Sommers to pay off the existing loan? Demonstrate your answer with an amortization schedule. 10. Should Jacqueline and Keith close the 2.75%, 15-year mort- yord gage? Explain your answer with suitable calculations