Suppose you are looking to purchase a $600,000 house with an 80% Loan to Value (LTV) using a 30-year fixed rate mortgage with a rate of 5% that amortizes monthly.

What is the monthly payment on this loan? Answer rounding up to closer integer with thousand comma delimiter: ex enter $1000.18 as 1,000.

What annual income will you need to qualify with a maximum Debt to Income (DTI) of 36%? Answer rounding up to closer integer with thousand comma delimiter: ex enter $1000.18 as 1,000.

What is the scheduled ending principal balance in month 120? Answer rounding up to closer integer with thousand comma delimiter: ex enter $1000.18 as 1,000.

What would be the initial payment on that loan if it was Interest Only for the first 3 years? Answer rounding up to closer integer with thousand comma delimiter: ex enter $1000.18 as 1,000.

Answer rating: 100% (QA)

1 Calculate the monthly payment on a 30year fixedrate mortgage with a loan amount of 600000 and an i... View the full answer