You have just purchased a primary home for $295,000 with a 20% down payment on a 30-year Fixed Rate Mortgage, Monthly Payments, 4.625% Interest Rate.Property Taxes are 100 Mills with 80 Effective Mills.Fees for this loan are $2250 plus one year of taxes and insurance.The loan also has 1 point to get the loan rate down to 4.625% (also paid upfront).
What is the Monthly Mortgage Payment?
What is the monthly PITI payment?
Show the first three years of the amortization schedule (include the beginning balance, interest payment, principal payment, and ending balance for each year).
What is the APR if the loan goes for 30 years?
What is the APR if the loan goes for 15 years?