25 Jul WHAT IS THE INCREMENTAL COST OF BORROWING THE ADDITIONAL FUNDS?
A borrower can obtain an 80 percent loan to value mortgage at a rate of 4.75% for a term of 30 years Show more A borrower can obtain an 80 percent loan to value mortgage at a rate of 4.75% for a term of 30 years. Alternatively he/she could obtain a 90 percent loan to value mortgage on the same property purchase at a rate of 5.75% and an additional one point added to the closing costs. The borrower plans to keep the property for the long term possibly for the entire 30 years of the mortgage. If the purchase price of the property (home) is $200000 what is the incremental cost of borrowing the additional funds if a 90% loan to value is selected? What is the incremental cost of borrowing the additional funds? Show all of your work in your analysis. Show less
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