Mortgage Project:
- Using a property valued at $998,000
- Financing option: 15 year ARM *provide a detailed description of the option chosen
- Determine a down payment
- Provide an Excel file to create a complete amortization schedule for the life of the loan. Aside from presenting the details of the loan, provide information about the impact of the options on the buyer. For example, what will happen if the interest rate suddenly increases? You must create the spreadsheet yourself the equations that you enter in the cells of the spreadsheet can only utilize basic arithmetic and exponent operations.
Requirements:
Analysis - State the pros and cons of taking a 15 year ARM vs a 15 year fixed mortgage. Be specific. Include justifications for selecting an option. You should discuss in detail how each option will impact the buyer in the short and long term.
Excel spreadsheet that has the calculations for your loan