after making payments of $917.10 for 6 years on your 30-year loan at 8.3%, you decide to sell your home. what is the loan payoff?

You have been shopping for a new home. You have the choice of financing for your $300,000. You can choose either a 4.5% 30 year loan or a 5% 15 year loan. A) Assuming you take out the mortgage at age 30 - prepare the amortization schedule for each situation. B) Highlight the payment period when the interest flips on the 15 year note? On the 30? C) At age 45 when you pay off the 15 year mortgage, you decide to invest your previous monthly mortgage payment in a mutual fund earning 6% annually. What is the value of this investment at age 62 (17 years later)?

You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 7.25 percent, or a 15-year mortgage with a rate of 6.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages?

Say that you purchase a house for $234,000 by getting a mortgage for $205,000 and paying a down payment of $29,000. If you get a 15-year mortgage with an interest rate of 8 percent, what are the monthly payments?   What would the loan balance be in five years?   If the house appreciates at 2 percent per year, what will be the value of the house in five years?   How much of this value is your equity?