Question

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your...

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2965, and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.714% (APR). How much do you owe on the mortgage today?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The mortgage on your house is five years old. It required monthly payments of $1,390​, had...
The mortgage on your house is five years old. It required monthly payments of $1,390​, had an original term of 30​ years, and had an interest rate of 10% ​(APR). In the intervening five​ years, interest rates have fallen and so you have decided to refinance—that ​is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a​ 30-year term, requires monthly​ payments, and has an interest rate of 5.625% ​(APR). a. What monthly repayments...
The mortgage on your house is five years old. It required monthly payments of ​$1,402, had...
The mortgage on your house is five years old. It required monthly payments of ​$1,402, had an original term of 30​ years, and had an interest rate of 10%​(APR). In the intervening five​ years, interest rates have fallen and so you have decided to refinancethat ​is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a​ 30-year term, requires monthly​ payments, and has an interest rate of ​6.625%(APR). a. What monthly repayments will be...
2.   Suppose you have decided to buy a house. The mortgage is a 30-year mortgage with...
2.   Suppose you have decided to buy a house. The mortgage is a 30-year mortgage with an interest rate of 7%, compounded monthly. You borrow a total of $250,000. Given this, by the time you pay off the loan, how much in total (interest + principal) would the house cost you? (20 pts) 3.   How, reconsider the previous problem. Suppose you pay the mortgage according to those specifications (7% APR, monthly) for the first 10 years, but then you refinance...
You have sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage...
You have sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25 (APR), how much cash will you have from the sale once you pay off the mortgage?
You invested in the real estate in Dresden/Germany and bought the house in the center of...
You invested in the real estate in Dresden/Germany and bought the house in the center of the city. The banks currently offer a very low-interest rate and you decided to refinance your mortgage. The current monthly payment is $2,100, and there are exactly 22 years left on the loan. The mortgage interest rate on your existing loan is 9% APR. How much do you owe on the mortgage today? Do you think prices are reasonable in Dresden? Compare with the...
The Johnson’s are trying to decide if they should refinance their current mortgage to a 15...
The Johnson’s are trying to decide if they should refinance their current mortgage to a 15 year loan. Their current mortgage payment is $790 and they have 20 years of payments remaining. In order to refinance, they would need a loan for $110,000. Currently, the APR for 15 year mortgages is 3.72%. a) How much will the Johnson’s repay over the next 20 years if they keep their current loan? b) Find the monthly payment if the Johnson’s refinance to...
you have just sold your house for $900,000 in cash. Your mortgage was originally a 30...
you have just sold your house for $900,000 in cash. Your mortgage was originally a 30 year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 18 1/2 years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% APR, how much cash will you have from the sale once you pay off the mortgage?
You borrow $125,000 to buy a house. Your mortgage rate is 6% per year (0.5% per...
You borrow $125,000 to buy a house. Your mortgage rate is 6% per year (0.5% per month). The term of the mortgage is 30 years and you will have the same required payment every month. Ignore taxes. (i) What is your monthly mortgage payment? (ii) After 30 months of payments, what is the remaining balance on your mortgage? (iii) For the first 30 months you make the required payment. Beginning in the 31st month you pay an extra $100 per...
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year...
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? Sale price $        1,000,000 Initial balance $           800,000 Number of years                        30 Periods...
6. You have just sold your house for $1,000,000 in cash. Your mortgage was originally a​...
6. You have just sold your house for $1,000,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 6.25% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT