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home loans – mortgage refinance second mortage

January 16, 2010

Mortgage math problem help?

Dr. seus asked:

Between her home mortgage, car loan, and credit card bill, Megan is $75,300 in debt. The monthly interest on her credit card is 1.5%, the monthly interest on her car loan is 1%, and the monthly interest on her mortgage is 0.6%. After one month, her total accumulated interest is $460.50. If the interest on Megan’s credit card bill was $4.50 more than the interest on her car loan, find the amount of each loan.

DENIS

Comments (1)

January 4, 2009

Are these numbers good for a 30yr, fixed, conforming/conventional mortgage loan?

Filed under: Renting & Real Estate — Tags: Car Loan, Closing Costs, Conventional Mortgage Loan, Extra, Faith Deposit, Fixed Mortgage, Good Faith, Interest Rate, Pmi, Principle, Student Loan — admin @ 5:56 pm

michael b asked:

Price of home: 159,470
PMI: yes
Interest Rate: 6.5 -> builder offered free point to buy down to 6.375
Estimated Prepaids: 1,584
Estimated Closing Costs: 3,793
Total Costs: 164,847
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Good Faith deposit already put down: 1,500
Lender Credit: 175
Paid by Seller: 1,595 (interest rate point)
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Total Loan Ammount: 159,470
Total Settlement Cost: 2,112
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Payment schedule:
no. of pymnts: 120 Principle & inter & PMI : 1,123.80
no. of pymnts: 35 Principle & inter & PMI: 1,021.47
no. of pymnts: 205 Principle & inter: 994.89
————————————–…
Notes:

I didn’t have enough down payment (20%) to get out of PMI because i recently spent 15k to get totally out of debt (paid off car, student loan, etc..). I now have 0 debt and plan to pay 400$ a month extra on my mortgage to cut the # of yrs and end pmi sooner.
Oh yeah, with PMI, closing costs, the APR is 7.24%

KELLY

Comments (4)