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Find the amortisation of the current mortgage

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Reference no: EM133205600

Nema condo is worth $600,000. She owes $325000 on her 6% fixed rate mortgage compounds semiannually that has two years remaining 9n it's term. Nima pays $2425 per month towards it. She also has the following debts; - $30000 unsecured lineof credit at 7% with a monthly payment of $750. - $30000 on a student loan at 7%, either a monthly payment of$232. - $15000 credit card at 20% with a monthly payment of $253. She has already used up her prepayment privileges for the year. She can get a new mortgage at 3% or add funds to her existing mortgage at the rate of 4%. Nika has a conventional mortgage charge against her property. Her lender charges $300 to discharge any mortgage and $500 to set up a new legal documents for any mortgage. FOR ANSWERS: USE 2 round numbers for dollars( i.e. $ 5678 vs 5,678.99) don't use comas in numbers Use 2 decimal places for percentage ( I.e. 5.098% vs 5.10)

QUESTIONS:

1. Find the amortisation of the current mortgage.( amortisation is the number of times (n))

2. Find the prepayment penalty for the current mortgage. Calculate both penalty options. Three months interest- Interest rate differential-

3. What would be the total out borrowed for the new mortgage.?

4. What would be the payment if the penalty is paid and a new mortgage is set up?

5. What would ne the new mortgage amount borrowed if the mortgage is blended and extended?

6. Find the interest rate If the mortgage is blended and extended?

7. Find the payment if the mortgage is blended and extended?

8. Determine the total current monthly debts costs?

9. Find the total cost savings per month with the lowest rate (when comparing current debt costs to options above)?

Reference no: EM133205600

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