Kavan Lee asked:


My situation: 950K purchase price, and I’m putting 300K down (loan principle is about 650K). FICO is 776. 30 years, with 5 years fixed. No points. My mortgage is at 6.125%.

My questions:
1. Assuming tax/insurance of about 1100/month, what would my monthly payment to the bank be?
2. How good is this deal?

Thanks!

Dolores

Ryan L asked:


Currently I am about to close on a house and have a 30 year fixed rate mortgage. My question is whether paying additional amounts above my normal mortgage payment reduces the amount I will have to pay each month, or whether it just reduces the amount of periods in my loan term.

Michele