Help??

I have to fill out this table and I dont know how to go about doing that.

Adjustable Rate Mortgage: 3% with terms 5/1 with a 2/6 cap for 30 years
(Assume the interest rate increases by 1.25% after the initial period and every 10 years thereafter.)

I have to find the Monthly Payment, the # of Payments, and the Total Cost for Each Period for these years.
1-5
6-15
16-25
26-30
And then the Total.

Question

Help??

I have to fill out this table and I dont know how to go about doing that.

Adjustable Rate Mortgage: 3% with terms 5/1 with a 2/6 cap for 30 years
(Assume the interest rate increases by 1.25% after the initial period and every 10 years thereafter.)

I have to find the Monthly Payment, the # of Payments, and the Total Cost for Each Period for these years. 
1-5			
6-15			
16-25			
26-30			
And then the Total.

anonymous · Answer

The cost of the mortgage is $119,500. 

So the orginal monthly cost would be $503.82 for the first 5 years. 

But after that, I don't understand how to do it. Do I caculate the rest of the monthly payments using the principal amount or do I take into account each new amount for each period? I also don't understand how to calculate it for every ten years...

anonymous · Answer

Ok i dont think i gave you the rest of the info. Im doing a project for school where i have to research a house/apartment/condo and find one that im interested in "buying". The asking price of the apartment i found is $1,149,000 and the mortgage is $4,279/month. Does that help a little? @yolo_king335