Mortgage payment for the mortgage for the first two years

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Reference no: EM131606061

A) You have just bought a home in Ohio for your primary residence valued at $455,000 and your down payment was $85,000. You financed your new home with a 30-yr fixed rate conventional mortgage at 4.5%, with $4000 in fees, which you paid up front. Property Taxes are 120 Mills with 80 Effective Mills. What is your Monthly PITI Payment if you escrow the taxes and insurance?

B) If you have buydown financing, what is the Monthly Mortgage Payment for the mortgage for the first three years of the 3-2-1 schedule? Show the total payment, buydown payment and your payment for each year. Also include the Required Buydown Account Total.

C) If you have buydown financing, what is the Monthly Mortgage Payment for the mortgage for the first two years of the 2-1 schedule? Show the total payment, buydown payment and your payment for each year. Also include the Required Buydown Account Total.

Reference no: EM131606061

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