The manner the question is posted looks like this is a homework for school. there are many calculators avalable to answer this question. Visit my website www.victorcatalan.ca and plug in the numbers so you can get the answer. You need to understand how this question will be translated to the calculator to get the answer.

Hello Drusilla, the mortgage payment calculations for $250,000 mortgage are as follows. 5yr fixed rate at 4.19%, with 25 year amortization = $1340.93, 5yr fixed rate at 4.19% with 35 year amortization = $1130.13. The mortgage payment for the 5yr variable at 1.9%, with 25 amortization = $1046.50 and a 5yr variable at 1.9%, with 35 year amortization = $814.43. These rates are accurate as of June 10 2010. Please contact me if you would like up to date rate quotes across Canada anytime at 1-866-728-3708 x 115.

Federal Government`s new rules March 18/2011 If you`re able to port your mortgage and keep it the exact same amount, you can hold onto the 35-year amortization? What about the interest rate does that also stay the same?

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We have a loan with citifinanical $289,000 with payments of $2400.00 monthly. how do we get them to lower the interest to a more reasonable rate were the payments are under $2000.00 a month.

What is the current interest rate? And what is your definition of "reasonable"? A reasonable interest rate is not defined by the monthly payment amount. You can ask for a loan modification, but not demand one. The other way is to refinance.

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My fiance and i are in the process of moving out a townhome into a house. our townhome is up for sale and we don't plan on seriously looking for our new place until we have a contract.. but, here's the deal. he owes 95,000 on the townhome, we are asking 215,000. we are hoping to get 208000 for it. now the townhome is in his name only. he had it before we met, so that money is his. he will have between 95,000 and 105,000 down payment on something new. i make 41,000 as a legal secretary (and i'm up for a raise come january) and the only debt i have is my car payment and fixed things like car insurance, and phone bill. he is a union electrician, but he is laid off. he is collecting about $45,000 per year under unemployment and has about $20,000.00 in a savings account. (he saw the economy going down and planned for it... he's really good with his money (*cough* cheap *cough*)) and has no debt (not even a car payment) outside of his mortgage, which he has already paid up through the end of the year. when he is working he makes about $75,000.00 per year, but we both agree in its best to get something we can afford while he is laid off anyway as you never know what the future holds. . we are looking at homes that are asking around 289,000. do you think we can get a loan or will we be resigned to living with his mother until he is working again? additionally, should we wait until our house is under contract before we try and get a loan? or is it ok to go to a loan officer now and we what we are working with?

It's definitely worth applying with a lender or two. Have you looked at any mortgage calculators to see if you can afford that payment? Assuming that your fiance is out of work for longer than expected and that you have to make all payments on your salary alone, you'll want to do a "worst case scenario" budget using just your salary. Also, it sounds like you may be using a lot of your liquid cash reserves as down payment, so you'll need to know how you'll pay for it if you have any big repairs come up in the first few years. Another thing you need to be careful of is that you may not have enough credit to have an excellent rating. If you haven't already, it's worth going to annualcreditreport.com (the government's website where you can get one free report each year) and pulling your credit reports to see what's reporting. You can then, if you choose, pay to get your scores from the three credit reporting agencies. It may be useful to each have one credit card that you use once a month and then pay off in its entirety every month. The available credit and on-time payment history will report to the credit reporting agencies and help improve your scores. Other than that, your situation sounds very doable. I'd definitely do a little more budgeting/planning and then start talking to a lender or two.

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I am planning to buy a house and sell it in 3 years. i just want to know if my understanding is good and my calculation is correct. so i put down some math here: assumption: * assume no closing costs nor other fees for easy calculation * house price: $383,000 * down payment (10%): $38,000 * loan amount: $344,700 * apr: 4.793% * 3/1 arm: 30 years -> monthly mortgage payment: $1,807 * monthly property tax: $479 (assume 1.5%) -> total monthly payment: $2,286 -> 3 years payment: $82,289 let say if the house sold for $510,654 in end of year 3 i want to know how much i made in profit: -> profit = $510,654 - $383,000 - $82,289 = $45,365 am i doing the right math? thanks. i just want to check if the calculation and thought process is correct, especially finance related. i don't know if there is any difference if i use 3/1 arm or the one with interest payment only. i wonder when i sell the house, the difference in principle would have an effect on profit. add some more assumption: * assume zero cost when buy house (closing/points..) * assume zero cost when sell house (listing fee, agent fee, remodel...)

1st of all---- Are you watching the market???? Do you see all of the foreclosures out there. People took out arms and interest only loans and their interest rates shot up. You need to get a fixed rate for 30yrs. They are at a all time low. Also if you only put down 10% you will have to pay PMI (extra money out each month). Making money is one thing, but purchase the house like and could live in it forever. If you can not sell it atleast you will be happy. Even if you sell it for what you bought it for 3yrs ago you are still ahead. It is like paying rent and getting a bigger tax write off. Also don't assume what your taxes are going to be. Call the township or city and find out what they would be. Also do not forget home owners insurance. Lets get real!!! Your math says you will make over 30% profit on this house. Homes appreciate 1%-5% a year in a good/great market. The market is stuck in a rut. In three yrs your home will either be worth $400,000 or less (unless it is ocean front). Lake front homes have never gone down in value until 2005. They are still hitting rock bottom. Purchasing a home is more that money but your domain. Hopefully I answered your question and maybe gave you food for thought.

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I have a credit score of 629 and i am buying a house for $289,000. i have already put $5,800 down. the current loan option i have is a 80/20 loan with the 1st loan at 7.25% and the 2nd at 12%. both have a 2-year pre-payment penalty. i see on here that people with my score are getting much better loans. any input would be appreciated. thanks another note, i have been at my job for 8 years and the last 4 years i have made an average of $100,000. another note, i have been at my job for 8 years and the last 4 years i have made an average of $100,000 per year.

7.25 is too high get it down to a mid 6 range (it IS possible) I also do NOT like second mortgages especially at nearly double the first mortgage rate. Are you sure you can afford this house? I would keep looking. Oh if this is an ARM BURN IT NOW!

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The bernards are paying $289,000 for their new home. they have a 20% down payment and need a mortgage to cover the rest of the purchase price. the interest rate is 5.75%, amortized over 25 years, for a 5-year term. calculate the following n i% pv pmt fv p/y c/y ( i know n is compounding periods but i dont know if im using 5 years or 25, i% is percent and pv present value, pmt not so sure, fv future value, p/y dont know c/y compounding yearly ) i dont have the it-83 plus, but i do need it for the question, if anyone does have it please help

The mortgage lasts for 25 years, but after each 5 years they are going to change to the interest rate from 5.75% to whatever the market rate is at that time. Also, as I understand (I am not an actuary, and I find "financial math" notation to be needlessly confusing): PMT is the dollar value of each amortized payment P/Y is the number of payments per year C/Y is the number of compounding periods per year

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Consider a 30-year mortgage at an interest rate of 12% compounded monthly with a $900 monthly payment. what is the loan amount (present value)? a. $87,514.24 b. $87,496.50 c. $87,486.93 d. $87,472.51 consider a 15-year mortgage at an interest rate of 9% compounded monthly with a $1,000 monthly payment. how much interest is included in the first month’s payment? a. $820.35 b. $793.15 c. $754.90 d. $739.45 consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. how much of the first month’s payment is applied to paying off the principal? a. $205.66 b. $184.91 c. $153.27 d. $109.73 consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. what is the unpaid principal after the first month’s payment? a. $132,937.88 b. $155,782.21 c. $163,430.46 d. $187,058.81 consider a 30-year mortgage at an interest rate of 9% compounded monthly with a $1300 monthly payment. what is the total amount (interest + principal) paid for the mortgage? a. $421,000 b. $439,000 c. $445,000 d. $468,000 consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. what is the total amount paid in interest? a. $236,403.75 b. $249,448.74 c. $268,459.81 d. $289,450.19 consider a car loan amount of $8,000 for a term of 3 years at 12% interest compounded monthly. find the amount of each monthly payment. a. $265.71 b. $272.45 c. $283.94 d. $291.88 consider a car loan amount of $10,000 for a term of 5 years at 10% interest compounded monthly. find the total amount paid for this loan. a. $12,381.58 b. $12,748.23 c. $13,515.42 d. $13,576.73 consider a car loan amount of $8,000 for a term of 3 years at 12% interest compounded monthly. find the total amount of interest paid on this loan. a. $1,381.06 b. $1,477.15 c. $1,565.72 d. $1,616.83 a couple estimates that they will need to buy a new car in 4 years. they estimate that the car will cost $20,000. they decide to set up a sinking fund by making equal monthly payments into an account paying an annual rate of 5.5% compounded monthly. what is the amount of each payment? a. $321.99 b. $340.85 c. $365.25 d. $373.46

I used my HP12C calculator to solve all of these. Consider a 30-year mortgage at an interest rate of 12% compounded monthly with a $900 monthly payment. What is the loan amount (present value)? b. $87,496.50 Consider a 15-year mortgage at an interest rate of 9% compounded monthly with a $1,000 monthly payment. How much interest is included in the first month’s payment? d. $739.45 Consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. How much of the first month’s payment is applied to paying off the principal? d. $109.73 Consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. What is the unpaid principal after the first month’s payment? c. $163,430.46 Consider a 30-year mortgage at an interest rate of 9% compounded monthly with a $1300 monthly payment. What is the total amount (interest + principal) paid for the mortgage? d. $468,000 Consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. What is the total amount paid in interest? c. $268,459.81 Consider a car loan amount of $8,000 for a term of 3 years at 12% interest compounded monthly. Find the amount of each monthly payment. a. $265.71 Consider a car loan amount of $10,000 for a term of 5 years at 10% interest compounded monthly. Find the total amount paid for this loan. b. $12,748.23 Consider a car loan amount of $8,000 for a term of 3 years at 12% interest compounded monthly. Find the total amount of interest paid on this loan. c. $1,565.72 A couple estimates that they will need to buy a new car in 4 years. They estimate that the car will cost $20,000. They decide to set up a sinking fund by making equal monthly payments into an account paying an annual rate of 5.5% compounded monthly. What is the amount of each payment? d. $373.46