Troy took out an 80/20 mortgage to buy a house costing $100,000.
The first (80 percent) mortgage has an interest rate of 4.75 percent.
The second (20 percent) mortgage has an interest rate of 7.525 percent.
Both the first mortgage and the second mortgage are 30-year fixed-rate mortgages.
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Also, to figure out this question. Do I have to combine the 80 percent and 20 percent mortgage monthly payments together to find the total mortgage?
Please Help.
Read more: What is the total mortgage payment for this house?
