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Find the amortization of the current mortgage

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Reference no: EM133162534

Question - Jesse condo is worth $450,000. She owes $250,000 on her 7% fixed-rate mortgage compounds semi-annually that has three years remaining in its term. Jesse pays $1956 per month towards it. She also has the following debts:

-$20,000 unsecured line of credit at 7% with a monthly payment of $750.

-$20,000 on a student loan at 7%, with a monthly payment of $232.

-$10,000 credit card at 20% with a monthly payment of $253.

She has already used up her prepayment privileges for the year. She can get a new mortgage at 3% or add funds to her existing mortgage at a rate of 4%. Janelle has a conventional mortgage charge against her property. Her lender charges $300 to discharge any mortgage and $500 to set up new legal documents for any mortgage.

Required -

Find the amortization of the current mortgage?

Find the prepayment penalty for the current mortgage.

Three-Months Interest

Calculate both penalty options?

Interest Rate Differential?

Find the total amount for the New Mortgage Amount?

Find the payment if the penalty is paid and a new mortgage is set up? Find the New Mortgage amount if the mortgage is blended and extended? Find the interest rate if the mortgage is blended and extended?

Find the payment if the mortgage is blended and extended?

Determine the total current monthly debt costs?

Find the total cost savings per month with the lowest Rate?

Reference no: EM133162534

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