MORTGAGE ASSESSMENT

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)

.

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f) Find the total interest paid over the timeframe of the loan

(4 points)

.

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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

1

2

3

Work for Payment #1:

Work for Payment #2:

Work for Payment #3:

©2024 Chamberlain University

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).

__________________________________________________________________________________________

Please find below the information you will need for your Mortgage Journal Assignment this week.

Down Payment Required (List %):	15%
Number of Points at Closing	3 points
Mortgage Time Frame for Loan:	30 years
Interest Rate (List %): Assume Points already lowered interest rate.	7 %
Annual Homeowner’s Insurance Amount:	$6000
Annual Property Taxes Amount:	$4500

Please make sure you use the PowerPoint template provided to ensure that you answer all questions for the assignment.