RES 513 Mortgage Interest Differential Payment Computation
Mortgage Interest Differential Payment ComputationProject Title: FORMTEXT ????? Parcel No.: FORMTEXT ?????Displaced Person: FORMTEXT ????? Displacee No.: FORMTEXT ?????Required Information:1. Outstanding balance of mortgage on displacement dwelling $ FORMTEXT ?????2. Outstanding balance of mortgage on replacement dwelling$ FORMTEXT ?????3. Number of months remaining until last payment is due for mortgage on displacement dwelling FORMTEXT ????? Months4. Number of months remaining until last payment is due on mortgage for replacement dwelling FORMTEXT ????? Months5. Annual interest rate of mortgage on displacement dwelling FORMTEXT ?????%6. Annual interest rate of mortgage on replacement dwelling FORMTEXT ?????%Monthly Payment Computations:Displacement Dwelling LoanA. Monthly payment required to amortize a loan of (from 1 above) $ FORMTEXT ????? in (from 3 above) FORMTEXT ????? months at an annual interest rate of (from 5 above) FORMTEXT ????? percent$ FORMTEXT ????? B. Amount of reduced loan having a total monthly payment of (from A above) $ FORMTEXT ????? for (from 3 above) FORMTEXT ????? months amortized at an interest rate of (from 6 above) FORMTEXT ????? percent$ FORMTEXT ?????C. Mortgage Reduction payment (line #1 minus B) $ FORMTEXT ????? less $ FORMTEXT ????? $ FORMTEXT ?????D. If applicable, any debt service costs for the loan on the replacement dwelling, such as points paid by purchaser which are not reimbursable as an incidental expense Formula: B above x FORMTEXT ?????% discount points percentage =$ FORMTEXT ?????Total Mortgage Interest Differential Payment (C + D above) =$ FORMTEXT ?????*Note: For calculations, you will need a real estate or appraisal calculator; you can also use one of FHWA’s MIDP calculators, which can be found on their website.* ................
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