17.2 - $ $644.30 496.36 $ $147.95 99,123.30 $ 7 26-Apr-06...

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MORTGAGE TERMINOLOGY  (1) AMORTIZATION PERIOD: THE ACTUAL NUMBER OF YEARS TI  WILL TAKE TO REPAY A MORTGAGE IN  FULL INTEREST RATE (PER ANNUM) CLOSED VS VARIABLE TERM: THE LENGTH OF TIME A LENDER WILL  LEND MONEY TO A BORROWER.
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MORTGAGE TERMINOLOGY  (2) OPEN MORTGAGE CAN BE PREPAID AT ANY TIME  NO PENALTIES CLOSED MORTGAGE: CAN NOT BE PREPAID INTEREST PENALTIES EXAMPLE: 3 MONTHLY PAYMENTS LIMITED PREPAYMENT PRIVILEGES EXAMPLE: 20% OF OUTSTANDING PRINCIPAL
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AMOUNT 100,000.00 $ INTEREST RATE 6.00% (DIVIDE BY 12) TERM 25 YEARS (MULTIPLE BY 12) PMT $644.30 PER MONTH PRINCIPAL PERIOD DATE O/B PMT INT PAYMENT C/B 1 28-Oct-05 100,000.00 $ $644.30 500.00 $ $144.30 99,855.70 $ 2 27-Nov-05 99,855.70 $ $644.30 499.28 $ $145.02 99,710.68 $ 3 27-Dec-05 99,710.68 $ $644.30 498.55 $ $145.75 99,564.93 $ 4 26-Jan-06 99,564.93 $ $644.30 497.82 $ $146.48 99,418.45 $ 5 25-Feb-06 99,418.45 $ $644.30 497.09 $ $147.21 99,271.24 $ 6 27-Mar-06 99,271.24
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Unformatted text preview: $ $644.30 496.36 $ $147.95 99,123.30 $ 7 26-Apr-06 99,123.30 $ $644.30 495.62 $ $148.68 98,974.61 $ 8 26-May-06 98,974.61 $ $644.30 494.87 $ $149.43 98,825.18 $ 9 25-Jun-06 98,825.18 $ $644.30 494.13 $ $150.18 98,675.01 $ 10 25-Jul-06 98,675.01 $ $644.30 493.38 $ $150.93 98,524.08 $ 11 24-Aug-06 98,524.08 $ $644.30 492.62 $ $151.68 98,372.40 $ 12 23-Sep-06 98,372.40 $ $644.30 491.86 $ $152.44 98,219.96 $ MORTGAGE PAYMENT SCHEDULE CARRYING COSTS EXPENSES OF LIVING IN A HOME MORTGAGE PAYMENTS PROPERTY TAXES UTILITIES ( HEATING, ELECTRICITY, WATER) HOME MAINTENANCE EXPENSES BE SURE THIS FITS INTO YOUR BUDGET INTERNET CALCULATORS Bank of Montreal web site Personal finances tab Mortgages tab Calculators Online Mortgage Mate Rent vs. Own? How much can I afford? Payment Calculator...
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This note was uploaded on 11/13/2011 for the course CIVE 2*** taught by Professor - during the Spring '11 term at Carleton CA.

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17.2 - $ $644.30 496.36 $ $147.95 99,123.30 $ 7 26-Apr-06...

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