Reference no: EM132883510
Problem - Amortization Problem - Mr. Smith is buying a home and will close on his new mortgage on December 31, 2008. He is ?nancing 80% of the $550,000 purchase price with a 30-year ?xed-rate mortgage. There are no prepayments and no additional closing costs or fees being rolled into the mortgage The annual interest rate is 5.5% He will be making monthly payments, with the ?rst payment due on 1/31/09.
Assume that Mr. Smith will not be escrowing insurance and tax payments.
Assume that there are no prepayment penalties or fees for extra principal payments.
Required -
1. What will Mr. Smith's monthly mortgage payment be?
2. Create an amortization table showing the ?rst 10 years of this mortgage.
3. Assuming Mr. Smith makes all of his payments on time, what will the principal balance be on December 31, 2013?
4. If Mr. Smith adds an extra $50 to his monthly payment, what will the principal balance be on December 31, 2013?
5. If Mr. Smith adds an extra $50 to his monthly payment, how far ahead of schedule (i.e., how many months early) will he fully pay off his mortgage?
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