FNCE3000: Group Project 1 - Monthly Mortgage Payments - Finance Assignment Help

Assignment Task:

You want to buy a $1,000,000 house. Suppose you make a 20% down payment today, and you finance the rest of your purchase with a 30?year fixed rate jumbo mortgage.

1) What will be your monthly mortgage payments?

2) How much of your first month’s payment goes toward paying off interest? How much goes toward paying off the loan balance?

3) How much do you still owe after 5 years (i.e., just after your 60th monthly payment)?

4) How long will it take you to reduce your loan balance by half (i.e., ≤ $400,000)?

5) Suppose in 20 years (just after your 240th monthly payment), you decide to refinance at a 10?year fixed rate of 3.200%. What will be your new monthly mortgage payments?

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