What is the market value of the mortgage

Reference no: EM133716017

Question: A property owner wants to sell a house and has it listed for $450,000. However, due to the dire condition of the real estate market, the property owner is having trouble selling that property. The owner decides to offer more advantageous financing options. Therefore, with a $400,000 mortgage, the market interest rate is j12 = 3.5% with monthly payments over a 20-year amortization period. However, the property owner (vendor) will accept lower payments of $1,800 per month instead of the contract payment. What is the market value of the mortgage, rounded to the nearest dollar?

Reference no: EM133716017

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