you obtain a 265,000, 15 year fixed rate mortgage. The annua interest rate is 6.25%. In...

you obtain a 265,000, 15 year fixed rate mortgage. The annua interest rate is 6.25%. In addition to the principle and interest paid, you must pay 275 a month into a escrow account for insurance and taxes. What is the total monthly payment(to the nearest dollar)?

Expert Solution

Using financial calculator BA II Plus - Input details:	#
I/Y = Rate/Frequency = 6.25/12 =	0.520833
FV = Future value =	$0.00
N = Total payment term x Frequency = 15*12 =	180.00
PV =	-$265,000.00
CPT > PMT = Payment =	$2,272.17

$275 is paid for insurances and taxes

So total monthly payment = 2,272.17+275 = $2,547.17 = $2,547

jeff jeffy answered 3 years ago

You want to buy a house financed with a 15-year fixed-rate mortgage. The best interest rate...

You want to buy a house financed with a 15-year fixed-rate mortgage. The best interest rate you could find is 7% APR. Payments are made monthly, so the APR should be assumed to be a simple interest rate (i.e. a stupid interest rate) added up over 12 months. What is the most you can borrow if you can only afford to pay $1,800 per month?

Mortgage Payment You currently have a 30-year fixed rate mortgage with an annual interest rate of...

Mortgage Payment You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You have had the mortgage 4 years, and on September 1, 2015 you made your 48th payment. The original principal amount was $280,000 and you monthly payment, without taxes and insurance, are $1,678.74 per month, computed using the Excel function =PMT(0.5%,360,280000,0,0). Starting with your original mortgage your banker calls and says that you could refinance your existing mortgage (6% rate, 30-year original term)...

a homeowner can obtain a 500,000 thirty year fixed rate mortgage at a rate of 3.0%...

a homeowner can obtain a 500,000 thirty year fixed rate mortgage at a rate of 3.0% with zero points or at a rate of 2.75% with 2 points. if you will keep the mortgage for 30 years what is the net present value of paying the points to the nearest dollars 1.)9,475 2.)8,360 3.) 6,366 4.)7,616 5.) 5,240

A homeowner can obtain a 250,000, 30 year fixed rate mortgage at a rate of 6.0%...

A homeowner can obtain a 250,000, 30 year fixed rate mortgage at a rate of 6.0% with zero points or at a rate of 5.5% with 2.25 points. How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is not invested?

You purchase a cottage for $170,000. You obtain a 20-year, fixed rate mortgage loan at 12.0%...

You purchase a cottage for $170,000. You obtain a 20-year, fixed rate mortgage loan at 12.0% after paying a down payment of 20%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.) interest = $ applied to the principal = $

You purchase a cottage for $185,000. You obtain a 25-year, fixed rate mortgage loan at 12.5%...

You purchase a cottage for $185,000. You obtain a 25-year, fixed rate mortgage loan at 12.5% after paying a down payment of 25%. Of the second month's mortgage payment, how much is applied to the principal ? (Round your answers to the nearest cent.)

You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You...

You currently have a 30-year fixed rate mortgage with an annual interest rate of 6%. You have had the mortgage 4 years, and on September 1, 2015 you made your 48th payment. The original principal amount was $280,000 and you monthly payment, without taxes and insurance, are $1,678.74 per month, computed using the Excel function =PMT(0.5%,360,280000,0,0). Starting with your original mortgage your banker calls and says that you could refinance your existing mortgage (6% rate, 30-year original term) into a...

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with...

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with zero points or at a rate of 5.5 percent with 2.25 points. How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is NOT invested? please answer in excel format

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 3.25 percent with...

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 3.25 percent with monthly payments. How much principal and interest will she pay in the 27th monthly payment?

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0% with zero...

A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0% with zero points or at a rate of 5.5% with 2.25 points. How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is not invested? A. 7.15 years B. 6.04 years C. 7.53 years D. 5.90 years

Question