You made your purchase and now decided with your lovely partner to call your local contractor and get a quotation to construct a house you designed yourself. He gives you a price of 3.5M to complete you dream two storey, 3BR home. You ask if he offers an installment payment term and he offers you a 5 years to pay with 50% down payment compounded ANNUALLY at 8%. How much will be your MONTHLY amortization for this contract? If you partner tells you that your design is horrible and decides to hire an architect the quotation price for all the services goes up to 4M , how much will the new MONTHLY be? Show the amortization schedule

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.