Find the amount of the mortgage and find the down payment

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Reference no: EM131077960

Mary is purchasing a home for 294000$. She will finance her mortgage for 15 years with 4% interest. She is paying 20% down payment of the purchase price. Mary's annual taxes are 2564$ and her annual homeowner insurance is 1778$. 1- Find the amount of the mortgage. 2- Find the down payment. 3- Find the monthly payment of principal and interest only. 4-Find the total interest she is paying over the 15 years. 5- Find the PITI payment. 6- Calculate the monthly payment and the total interest Mary need to pay if she decided to make the loan for 30 years instead of 15 years. 7- How much she saves on interest if she decided to pay out in 15 years compared to 30 years. 8- Find the interest portion and the principal portion for the first payment of the 15 years loan. 9- Make an amortization schedule for the first two payments of the 15 years loan.

Reference no: EM131077960

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