Question
You are applying for a mortgage loan at 5.75% over 30 years with monthly payments. The home you are considering is at a price of
You are applying for a mortgage loan at 5.75% over 30 years with monthly payments. The home you are considering is at a price of $279,000. Lenders are offering 80% loan-to-value mortgages to you. What will be your monthly mortgage payment for principal and interest? Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years? Same facts as #8, how long will it take you to pay off 75% of the loan? Same facts as #8 above, what was the original balance of the loan? Same facts as #8, how much interest would you pay during the full life of the loan? Same facts as #8 above, what if you paid an extra $75 each month? How long would it take to pay off the loan in full?
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