A local bank is offering a thirty year mortgage with an ear, Ask an Expert

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A local Bank is offering a 30-year mortgage with an EAR of 5 3/8%. If we plan to borrow $150,000, what will our monthly payment be? You have decided to refinance your mortgage and plan to borrow whatever is outstanding on your current mortgage. You pay $2,356 monthly and every payment is on time.The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6 3/8% (APR). How much do you owe on the mortgage today?

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