**Mortgage Loans Ppt Presentation** – 16-1 Learning Outcome Find the monthly mortgage payment. Find the total interest on the mortgage and PITI (principal, interest, taxes and insurance).

Section 16-1 Mortgage Payment A mortgage is a loan in which real estate is used to secure the loan. Collateral The difference between the appraised sales price and the payment balance on the property that is held as security in the equity of the mortgage. Market value The expected sale price of the property.

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Key Terms… Section 16-1 Mortgage Payments FIRST MORTGAGE First mortgage on property. Conventional mortgage A mortgage that is not insured by a government program. Fixed rate mortgage The interest rate of the loan remains the same during the life of the mortgage.

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Key terms… Section 16-1 Mortgage payments The interest rate on an adjustable-rate mortgage can vary over the life of the loan depending on most banks’ prime lending rate.

A Section 16-1 mortgage payment home is a type of “real” property. Real estate is land and permanent improvements on the land. Improvements include: Water or sewer systems. Homes and commercial buildings. Any other structure.

Mortgage Section 16-1 Mortgage Payments 15-year and 30-year loans are the most common. Payments can be made on a monthly or bi-weekly schedule, resulting in 26 payments. A bi-weekly plan builds equity faster than a monthly plan. An equity line of credit, or second mortgage, allows the homeowner to borrow against the equity in the home. This is in addition to the first mortgage.

8 16-1-1 Find the Monthly Mortgage Payment Section 16-1 Mortgage Payments Paying back a loan in equal payments applied to principal and interest over a period of time is called amortization.

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9 16-1-1 Find the Monthly Mortgage Payment Section 16-1 Mortgage Payments To calculate monthly mortgage payments, it is customary to use a table, such as Table 16-1.

How: Use the monthly payments per $1,000 table in Section 16-1 Mortgage payments The monthly mortgage payment is equal to:

Example… Section 16-1 Mortgage Payments A home buyer purchases a home for $212,000. The bank approved her loan application for a 30-year fixed-rate loan with 6% annual interest. If he pays 20% down, what is the monthly payment? Calculate the down payment: $212,000(0.20) = $42,400 Amount to be financed: $212,000 – $42,400 = $169,600. Divide $169,600 by $1,000 = (units)

Example… Section 16-1 mortgage payments on a $212,000, 30-year fixed-rate loan at 6%. With 20% down, what is the monthly payment? Calculate the down payment: $212,000(0.20) = $42,400 Amount to be financed: $212,000 – $42,400 = $169,600. $169,600 per $1,000 = (units) using T-16 division by Find the factor to finance the loan for 30 years at 6%. Multiply the factor (6.00) by the number of thousand (169.6) $1,017.60, including principal and interest.

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13 Example… Section 16-1 Mortgage payments John Williams was approved for a 30-year fixed-rate loan at 6.5%. The house he buys costs $140,000; He will take a 20% discount. Calculate her monthly payment, including principal and interest, using Table 16-1. $707.84

How: Section 16-1 Mortgage Payments Step 1 Identify the monthly rate (R) as a decimal equivalent, the number of months (N), and the loan principal (P) and substitute the values into the formula. Step 2 Evaluate the formula.

Example… Section 16-1 Mortgage payments Find the mortgage payment over 30 years. $169,600 fixed loan at 6% annual interest. r = .06/12 = .005; n = 360; Page = 169, 600; The $1 monthly payment includes principal and interest. (Note the smaller change in monthly payment due to rounding than using the table.)

16-1-2 Section 16-1 Mortgage Payments Step 1 Find the total number of payments—multiply the number of payments by the amount of the payments. Find the total interest on the mortgage and subtract the PITI Step 2 payments from the total financed amount. Total interest = number of payments x amount of payments – amount financed

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17 Example… Section 16-1 Mortgage payments In the previous example, the home buyer has a monthly principal and interest payment of $1. The buyer has a 30-year fixed mortgage. Total Interest = Number of Payments x Amount of Payments – Funded TI = 30(12)($1,017.60) – $169,600 TI = $366,336 – $169,600 = $196,736.00 The total interest on this loan is $196,

18 Example… Section 16-1 Mortgage payments John Williams has a monthly mortgage payment of $$ with a funded amount of $112,000. Find the total interest on her 30-year mortgage. $142,822.40

Section 16-1 Mortgage Payments Closing Costs Other costs involved in securing a mortgage are paid at the time of the loan – points, attorney fees, sales commissions, etc. Points are a one-time payment to the lender that is a percentage of the total loan. Escrow Account to hold a portion of a monthly payment that is used to pay taxes and insurance.

20 Key Terms… Section 16-1 Mortgage Payments PITI An adjusted monthly payment that includes principal, interest, taxes and insurance. The monthly mortgage payment that the borrower will make includes all four elements.

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Example… Section 16-1 Mortgage payments As you recall, our homebuyer has a monthly principal and interest payment of $1 if her annual insurance is $960 and her property taxes are $1,985, adjusted Find the monthly payment that includes PITI. Add $960 + $1,985 = $2,945 ÷ 12 = $245.42 to the monthly principal and interest: $1, $ = $1,263.02 Total PITI payment is $1,

22 Example… Section 16-1 Mortgage payments Joan Williams has monthly principal and interest payments If her annual insurance payment is $1,200 and her property taxes are $1,500, what will the monthly payment be? $932.84

Section 16-2 Amortization Schedules and Qualifying Ratios Step 1 For the first month: Find the interest portion of the first monthly payment = principal x monthly interest rate Find the principal portion of the monthly payment = monthly payment – first monthly interest payment First principal = Principal at end of the month – Find the principal of the first monthly payment

Section 16-2 Amortization Schedules and Qualifying Ratios Step 2 For each remaining month: Find the interest portion of the monthly payment = monthly principal x monthly interest Find the principal portion of the monthly payment = monthly payment – interest Find the month. -end principal of the monthly payment = month-end principal – monthly payment principal

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Example… Section 16-2 Mortgage Payments Complete the first two months for a $69,600 mortgage over 30 years at 7% annual interest. Interest = Principal x Monthly rate Interest = $69,600 (0.07 ÷ 12) Interest = $406.00 Monthly Principal = $406 = $56.84 End of Month Principal = $69,600 – $56.31 = $56.84 = $69.84.

Example… Section 16-2 Mortgage Payments Complete the first two months for a $69,600 mortgage over 30 years at 7% annual interest. Second month: Interest installment = $69, 543.16(0.07/12) Interest installment = $405.67 Monthly principal = $$ = $57.17 Monthly principal = $69, $57.17 = $69, 485.99 Follow the same steps for the sub months.

28 Example… Section 16-2 Mortgage payments John Williams has a monthly mortgage payment of $707.84. The principal amount of the loan is $112,000 and the interest rate is 6.5%. Calculate the first two months of the amortization schedule. Month End First Principal = $111,898.82 Month End Principal = $111,797.09

16-2-2 Calculate the Qualifying Ratio Section 16-2 Amortization Schedule and Qualifying Ratio Select the formula for the desired qualifying ratio:

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Example… Section 16-2 Mortgage Payments If Sherry has a monthly gross income of $5,893, and the PITI for the loan totals $1,482, calculate the housing ratio. Is the ratio acceptable versus desirable? HR should not be more than 28%, so it is acceptable.

Exercise A 2. Find the monthly payment. Number of 1,000 units = 146, 800/1, 000 = 146.8 Table 16-1 Value for 30 years and 5.25% = $5.52 Monthly payment = 146.8($5.52) = $810.34 Mortgage amount $50% 500% Annual amount 500% Annual amount 5 .

Exercise A 4. Find the monthly payment. Number of 1,000 units = 113,400/1,000 = 113.4 Table 16-1 Value for 15 years and 5% = $7.91 Monthly payment = 113.4 ($7.91) = $896.99 Amount of mortgage, annual rate $10513

Exercise Mortgage amount Annual interest rate Years $146, 800 5.25% 30 6. Monthly payment = 146.8($5.52) = $810.34 Find the total interest paid on the mortgage in the exercise. , 722.40 Interest = $291, $146,800 = $144,922.40

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A Exercise 8. Monthly payment = 113.4($7.91) = $896.99 Find the total interest paid on the mortgage in Exercise 4. Total payment = $896.99(15)(12) = $161,458.20 Interest =

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