1. you want to buy a $250,000 house and you will use a conventional mortgage. What is the minimum down payment you have to make to avoid having to purchase mortgage insurance? 2. Amy can buy that house for  240,000 at only a rate of 4.75% 30 years. Rocket mortgage offering a 4% 30 year fixed tate morgage if she pay up fornt 2 pints.

Q: (a) How much does she need for the down payment? How much money does Maria need to borrow? (b) What…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Explain which is the better option.

A: Information Provided: House costs = $100,000 Down payment = $25,000 Option A = 3% APR for 20 years…

Q: Melissa wants to buy a townhouse that costs $71,000. The bank requires a 5% down payment. The rest…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: s are purchasing a $240,000 home with a 30-year fixed mortgage at an APR of 4.5%. They made a 10%…

A: Mortgages are paid by the monthly payments that carry the payment for the loan and interest rate.…

Q: Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The…

A: A mortgage is a loan taken that has to be repaid in equal periodic installments. The monthly amount…

Q: Dr. Gupta is considering a 30-year mortgage at 6% interest. She can make payments of $2700 a month.…

A: A loan is a way in which individuals and corporations borrow money and funds for fulfilling their…

Q: You want to buy a house thatcosts $140,000. You have $14,000 for a down payment, but your credit is…

A: Excel Spreadsheet: Excel Workings:

Q: Suppose you had to choose between a 9% 25-year mortgage or a 8.5% mortgage with 2 discount points.…

A: The discount points in mortgages are the points that can classify into borrower and lender points.…

Q: You want to buy a $177,500 home. You plan to pay 30% as a down payment, and take out a 30-year loan…

A: Closing cost is the cost which has to be paid by either seller or the buyer to the government when…

Q: You would like to buy a house that costs $350,000. You have $50,000 in cash that you can put down on…

A: Balloon payment calculation:

Q: A family wants to purchase a house that costs $135,000. They plan to take out a $125,000 mortgage on…

A: A mortgage is a loan on a property where the collateral is the property itself.

Q: You plan to purchase a house for $115,000 using a 30-year mortgage obtained from your local bank.…

A: Discount points refer to the optional fees (extra charges) over the agreed stated interest rate on a…

Q: A couple take a 30-year home mortgage of $120,000 at 7.8% compounded monthly. They make their…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Maya Womak wishes to purchase a(n) $645,000 house. She has accumulated a $125,000 down payment, but…

A: Working  Note #1 Computation of loan amount::::: Cost of house                 = $645,000 Less: Down…

Q: You have recently graduated and intend to settle down. Your current salary is $60,000 per annum and…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: 9. Mr. and Mrs, Battiston are considering the purchase of a house. They would require a mortgage…

A: Loan amount (L) = $120000 Interest rate = 6.75% compounded semiannually Monthly payment (M) = $900

Q: Jackson is looking to purchase a condo. He is looking to have a conventional mortgage as he does not…

A: The number of months required can be computed by using the NPER function of Excel

Q: 1.) Carl and Melissa have a monthly income of $6,000. They want to buy a house for $200,000 and make…

A: Cost of the house is $200,000. $40,000 will be paid as down payment and remaining amount will be…

Q: If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private…

A: Here, Mortgage Amount is $295,000 Interest Rate on Mortgage is 5% Loan Period is 30 years Current…

Q: Suppose you have graduated from college and want to purchase a house. Your take-home pay is $4560…

A: To Find: Total Cost of House for 15-year mortgage. Maximum i can afford with a 30 -year mortgage.

Q: You are looking to buy a $415,000.00 home in Haverhill. If Bank of America will give them a 15-year…

A: Amount financed = Cost of house - down payment = $415,000 - ($415,000 *20%) = $332,000 Monthly…

Q: You are planning to purchase a house that will require a mortgage of $400,000.  You find 2 mortgage…

A: The company is considering the value of mortgage for the purpose of financing the assets of the…

Q: Smith is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Josh and Samantha have been renting a small apartment and have now decided that they are ready to…

A:

Q: A family wants to purchase a house that costs $135,000. They plan to take out a $125,000 mortgage on…

A: Data given: Monthly payment for 15 year mortgage= $718.77 Monthly payment for 30 year mortgage= $…

Q: You plan to purchase a house for $295000 using a 30-year mortgage obtained from your local bank. You…

A: A mortgage is a loan offered by banks to purchase a home property or other real estate property. A…

Q: A woman buys a house for $325,000. She pays $20,000 down and takes out a mortgage at 6.9% on the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The Fritzes are buying a house that sells for $100,000. The bank is requiring a minimum down payment…

A: Formulas:

Q: Chris and Becky are comparing mortgages. The mortgage is for $183,500. If they choose 30 years at…

A: interest = total payback - mortgage value

Q: Duane Miller wants to know what price home he can afford. His annual gross income is $67,200. He has…

A: Annual gross income =$67200.   Monthly salary = $67200/12 = $5600

Q: A couple who wants to purchase a home with a price of $340,000 has $100,000 for a down payment. If…

A: Loan: The loan is a value that is borrowed from external sources like banks and this amount is…

Q: Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a…

A: Formulas that are used:-

Q: A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private…

A: Given: Home loan = $275,000 Interest rate = 5% Years  = 30

Q: 1- Jacinda Herschel wants to buy a car and determines she can afford to pay $412.00 a month for a…

A: Given: Particulars Amount Payment(PMT) $412 Years 3 Interest rate 2.95%

Q: What is his monthly payment plus PMI? His mortgage balance is currently $222,990. Has he reached 20%…

A: 1) Monthly payment plus PMI = $1,705.92 2)Yes, he has reached 20% equity.

Q: You are in the market for a home. You and your partner have saved up $305,000 for a down payment und…

A: Here the APR is 3.14% compounded semi-annually. Let i be the monthly rate.  We know that: (1+i)^12…

Q: You decide to buy a $210,000 home. If you make a 30% down payment, you can get a 35-year mortgage at…

A: The PMT function or concept can be used to determine the periodic payments required to accumulate a…

Q: Suppose that the $6000.00 was invested in a savings account that paid 2.5% interest compounded…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: You want to buy a house that costs $100,000. You have $10,000 for a down payment, but your credit is…

A: House cost = $ 100,000 Down Payment = $10,000 Interest rate = 7% Time period =3 years

Q: You want to buy a house that has a purchase price of $190,000. You plan to make a down payment of…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: A new family who wants to purchase a home with a price of $250,000 has $50,000 for a down payment.…

A: Here, Purchase price = $250,000 Down payment = $50,000 Interest rate = 3.50% Term of loan = 15 years…

Q: Peter and Julia decide on a 15 year mortgage valued at $165,000. They are doing some financial…

A: Mortgage securitization is the process of clubbing mortgages of individuals having same features to…

Q: Ann wants to buy a building. The annual NOI for the building will be $165,000. She wants to get a 20…

A: Given: - NOI= $165,000 DSCR= 1.25

Q: You want to buy a house that has a purchase price of $160,000. You plan to make a down payment of…

A: Down payment refers to a small percentage of the total purchase price paid by the buyer. A down…

Factors Affecting Housing Decision