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This derivation illustrates three key components of fixed-rate loans: (1) the fixed monthly payment depends upon the amount borrowed the interest rate and the length of time over which the loan is repaid; -2 the amount owed every month equals the amount owed from the previous month plus interest on that amount minus the fixed monthly payment; (3) the fixed monthly payment is …
Mortgage payments which are typically made monthly contain a repayment of the principal and an interest element. The amount going toward the principal in each payment varies throughout the term of the mortgage. In the early years the repayments are mostly interest. Towards the end of the mortgage payments are mostly for principal.
Mortgage constant also called ” mortgage capitalization rate” is the capitalization rate for debt. It is usually computed monthly by dividing the monthly payment by the mortgage principal. An annualized mortgage constant can be found by multiplying the monthly constant by 12 or by dividing the annual debt service by the mortgage principal.
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A reverse mortgage is a mortgage loan usually secured by a residential property that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not requ…