Question: Using the information provided, answer the following rate/term question using conventional lending: Value = $325,000 Current balance = $245,580 Current payment = $1,890 Taxes

Using the information provided, answer the following rate/term question using conventional lending: Value =

Using the information provided, answer the following rate/term question using conventional lending: Value = $325,000 Current balance = $245,580 Current payment = $1,890 Taxes = $205 Homeowners insurance = $60 Closing Costs = 2.5% Prepaids = 1% What is their new loan amount and proposed monthly PITI based on a 30-year fixed-rate of 6.125%?

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