Can you run this an amortization for me? The mortgage is from 4/19/89 - terms are $48,000 at 9.5% paying $445 until paid off - on 1/1/1993 the mortgage went into default - no payments since then - use an 18% rate from time of default - how much is owed today? roughly how much will be fine - thanks
I need more info, but assuming:
interest was paid at closing for the month of April
payments in arrears, first payment due 6/89
30/360 application of interest after default
no compounding of interest
Balance after the 12/1/92 payment is $44.594.58
Interest accrues at $668.92/month
Interest accrued through May 30, 208 = $123,749.96
Total due on 5/30/08 = $169,013.46
interest was paid at closing for the month of April
payments in arrears, first payment due 6/89
30/360 application of interest after default
no compounding of interest
Balance after the 12/1/92 payment is $44.594.58
Interest accrues at $668.92/month
Interest accrued through May 30, 208 = $123,749.96
Total due on 5/30/08 = $169,013.46
