Name: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Date$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Week $3$ Activity: $$Mortgage Journal $$ I. $$ Provide a Screenshot of Sales Page of the Property. $$Make sure to include the following in this section $(4$ Points~$1$ point each$)$: $$ Picture of Property $$ Sales Price of Property $$ Description of Property $$ Link to the Property Sales Page $$ II$.$Your instructor will give you information about the mortgage for the property. $$Add the information given by your instructor below $(2$ pts$)$: $$ Down Payment Required $($List $\%)$: $$ Number of Points at Closing $$ Mortgage Time Frame for Loan: $$ Interest Rate $($List $\%)$Assume point$($s$)$ have already been applied: $$ Annual Insurance Amount: $$ Annual Property Taxes $$Amount: $$ III. $$Calculations$$Make sure to round all values on this journal to the nearest cent $($Two Decimal Places$).$ Make sure to SHOW WORK on parts b$)$ f$).$ a$)$Sale Price of Property $(2$ points$)$: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ b$)$Find the required down payment $(3$ points$).$ c$)$Find the amount of the mortgage $(3$ points$).$ d$)$How much must be paid for points at closing $(3$ points$)?$ e$)$Find the monthly payment $($excluding property taxes and insurance$)(5$ points$).$ f$)$Find the total interest paid over the timeframe of the loan $(4$ points$).$ IV$.$Prepare a loan amortization schedule for the first three months of the mortgage. $$Show work for calculations below the table. $$Round values to two decimal places $(15$ Points for Table; $5$ Points for Work$).$ This is the amount you will use on the Loan Amortization Table Below: $$ Payment Number Monthly $$Payment Interest Payment Principal Payment Balance of Loan $123$ Work for Payment #$1$: $$ Work for Payment #$2$: $$ Work for Payment #$3$: $$ Calculate your ACTUAL Monthly Payment: $$ a$)$How much is the annual insurance amount? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Divide the amount by $12$ to determine the monthly insurance payment $(1$ Point$)$: $\_\_\_\_\_\_\_$ b$)$How much is the annual property taxes? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Divide the amount by $12$ to determine the how much you will pay into escrow for property taxes $(1$ Point$)$: $\_\_\_\_\_\_$ c$)$Add the monthly insurance payment and monthly escrow tax payment to your monthly mortgage payment: $$ Actual Monthly Payment $(2$ points$)$: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ V$.$Conclusion Questions $1.$Describe what happens to the portion of payments going to principal and interest over the life of a mortgage $(7$ Points$).\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_2.$Describe what would happen to the monthly payment and total interest if the mortgage time frame was cut in half $(8$ Points$).\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_2024$ Chamberlain University