answer this question in EXCEL Show me how to do this You purchase a house that costs $625,000 with a 8 , 30 year mortgage In order to avoid PMI insurance, you decide to follow a conforming mortgage by making a down payment of 20 What is your monthly payment Amortize the first and second payments What is the mortgage balance after 5 years What percentage of the principal is paid off after 5 years Suppose after 5 years you refinance at 6 the remaining balance at a cost of $10,000, for 30 years What is your new monthly payment Further, suppose you maintain the same payments as in (1), i e pre pay on the principal, how many YEARS until you pay off the mortgage

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Question: answer this question in EXCEL . Show me how to do this You purchase a house that costs $625,000 with a 8%, 30-year mortgage. In

answer this question in EXCEL . Show me how to do this

You purchase a house that costs $625,000 with a 8%, 30-year mortgage. In order to avoid PMI insurance, you decide to follow a conforming mortgage by making a down payment of 20%.

What is your monthly payment?
Amortize the first and second payments.
What is the mortgage balance after 5 years?
What percentage of the principal is paid off after 5 years?
Suppose after 5 years you refinance at 6% the remaining balance at a cost of $10,000, for 30
years. What is your new monthly payment?
Further, suppose you maintain the same payments as in (1), i.e. pre-pay on the principal, how
many YEARS until you pay off the mortgage?

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