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What is the principal repayment portion of payment

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Reference no: EM133087490

You are in the market for a home. You saved up $125,000 for a down payment that will go towards your home purchase. You meet with the bank and the bank offers you a 30-year mortgage at 6.77% p.a., compounded quarterly. Monthly payments will be $3,754.78 at the beginning of the month.

- What is the maximum price you can afford for a home if you get the mortgage? [Hint: Home Price = Down Payment + Mortgage Loan]

- For your 90th mortgage payment, what is the principal repayment portion of this payment?

- Suppose you win the lottery in exactly 10 years after you open your mortgage. You would like to pay back the mortgage loan in a lump-sum payment. How much will you need to repay in 10 years time, assuming there are no penalty fees? [Hint: what's the outstanding balance in 10 years?]

Reference no: EM133087490

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