MHB Mortgage Calc: Calculate Payment, Owed & Interest Breakdown

[penelopedelmar]

Hi I need help with this review question for a class I missed.

A home you want to purchase is priced at $1,000,000. You have $60,000 available for a cash down payment. You borrow the remainder through a mortgage with a closed 5-year term and 25-year amortization at an interest rate of 2.75% compounded semi-annually.
1. What is the monthly payment with a 3.10% mortgage insurance premium?
2. How much will you owe at the end of 5-year term?
3. What percentage of the total 60 payments will be interest and what fraction will have gone towards paying down principal?

 

[Wilmer]

Better for you in long-run if you try to do it yourself;
go here for examples and formula:
https://www.wikihow.com/Calculate-Mortgage-Payments

Come back with specific questions...we'll be happy to help...