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Please answer the following questions for a fixed-rate mortgage as a fully amortizing mortgage loan made for $175,000 at 4.5% interest for 30 years.
What is the monthly payment for a Constant Payment Mortgage (CPM) loan?
What will the total of payments be for the entire 30 year period? Of this total, how much will be interest?
Assume the loan is repaid in the end of 8 years. What will be the outstanding loan balance paid at that time? How much total interest will have been collected by then?
Assume the borrower chooses to reduce the loan balance by $5000 at the end of year 8. What will be the new loan maturity date assuming that loan payments are not reduced?
Please answer the following questions for an adjustable-rate mortgage under the following conditions: an Adjustable Rate Mortgage (ARM) for $140,000 is made at the time when the expected start rate is 6%. The loan will be made with the teaser rate of 3% for the first year, after which, the rate will be reset. The loan is fully amortizing, has a maturity of 25 years, and will be made monthly.
What will the monthly payments (principle and interest) be during the first year?
Assuming that the reset rate is 7% at the beginning of Year (BOY) 2, what will the monthly payments be (principle and interest) beginning in Year 2 through Year 25?
By what percentage will monthly payments increase from Year 1 to Year 2?
What if the reset date is three years after loan origination, and the reset rate is 8%. What will the monthly payments be (principle and interest) beginning in year 4 through year 25?
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