Question
You purchase a house that costs $625,000 with a 8%, 30-year mortgage. In order to avoid PMI insurance, you decide to follow a conforming mortgage
You purchase a house that costs $625,000 with a 8%, 30-year mortgage. In order to avoid PMI insurance, you decide to follow a conforming mortgage by making a down payment of 20%. A.) What is your monthly payment?
B.) Amortize the first and second payments.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Lets go through the steps required to calculate the monthly mortgage payment and the amortization of the first two payments Step 1 Calculate the Loan Amount Since you are making a 20 down payment to a...
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Step: 2
Step: 3
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Foundations Of Real Estate Financial Modelling
Authors: Roger Staiger
2nd Edition
1138046183, 978-1138046184
