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Find the total cost savings per month with the lowest rate

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Reference no: EM133056428

Question - Kamala condo is worth $600,000. She owes $225 000 on her 7% fixed-rate mortgage compounds semiannually that has three years remaining in its term. Kamala pays $1546 per month towards it. She also has the following debts:

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

$30,000 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%. Kamala has a conventional mortgage charge against her property. Her lender charges $300 to discharge any mortgage and 5500 to set up new legal documents for any mortgage.

For answers:

Use round numbers for dollars (i.e. $5678 vs 5,678.99) and do not use commas in numbers

Use decimal places for percentages (i.e. 5.098% vs 5%)

Find the amortization of the current mortgage.

Find the prepayment penalty for the current mortgage. Calculate both penalty options?

-Three-Months Interest

-Interest Rate Differential

Find the total amount for the New Mortgage Amount?

Find the payment if the penalty is pald 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: EM133056428

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