Question

Client currently has a balance of $420,000 on her mortgage (originated at 6 3/8% for 30 years). There are exactly 24 years remaining on the mortgage. Please determine the original balance of the mortgage. (Note: Please type your answer only with numbers and decimal points, and round to the nearest cent – no commas, dollar signs, etc.)

Answer 1

Mortgage Original Balance: $ 457,006.44; calculated Original Balance Using the Given Inputs and Original Balance = pv(B4/12,B6*12,-B5,-B1) and Monthly Payment = pmt(B4/12,B3*12,-B1)

What does "mortgage" actually mean?

A mortgage between you and a lender gives the lender the right to take possession of your home if you are unable to repay the loan amount plus interest. You can utilize a mortgage loan to finance the acquisition of real estate or to borrow money against the value of your present house. There are seven things to look for in a mortgage.

How does a mortgage operate and what is it?

Your lender will pay you a certain sum of money to purchase the property when you obtain a mortgage. You consent to repay your loan over time, with interest.

Briefing:

Current balance

=$420,000

Original term

=30

Term left

=24

APR

=0.06375

Monthly payment

=$2851.13

Term completed

=6

Original Balance

=457006.44

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