Question: You are purchasing a $200,000 home. You will make a 20% down payment and take a 30 year fully amortizing 5/1 hybrid mortgage. Given the

You are purchasing a $200,000 home. You will make a 20%

You are purchasing a $200,000 home. You will make a 20% down payment and take a 30 year fully amortizing 5/1 hybrid mortgage. Given the following information, what will be your monthly payment in year 6? You have an initial rate of 596, a margin of 1.596 and at the first reset date, the reference index is at 4%

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