The lender charges three points to get the mortgage. How much do the points cost you?
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- Calculating required down payment on home purchase. How much would you have to put down on a house with an appraised value of 105,000 when the lender required an 80 percent loan-to-value ratio?You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan at 5.6% interest for the rest.a) What is the amount of the down payment?b) What will the amount of the mortgage?c) The bank charges 3 points on the loan. What is the amount charged for points?Person A has a take home pay of 3980 and wishes to spend only 1/4 of this pay on a monthly house payment. They have 18000 saved for down pmt and can get an APR of 5.35% from the bank, compounded monthly. Whats the total cost of a house Person A can afford w/a 15-yr mortgage? Round to nearest cent~
- You want to buy a $195,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 5.35% interest for the rest. The bank will charge 1.5 points on the amount financed.a) What is the amount of the down payment?$b) How much is the loan amount going to be?$c) What will be the amount charged for 1.5 points?d) Find the amount of the monthly payment.You purchase a home for $400,000 and make a down payment of $125,000. The balance is borrowed and financed as follows: 4 year mortgage, 5% interest, paid as an ordinary annuity. How much total interest is paid on the loan?You plan to purchase a $200,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 7.25 percent, or a 15-year mortgage with a rate of 6.50 percent. You will make a down payment of 20 percent of the purchase price.a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid?b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages?
- You purchase a $255,000 house and you pay 20 percent down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85 percent and there are 360 monthly payments. What is the monthly payment? A) $1,215.27 B) $1,203.48 C) $1,194.45 D) $1,367.22 E) $1,504.35You buy a 267,000$ home with a down payment of 25%. Find the down payment and the mortgage amount. down payment=mortgage=Your annual income is $75,000 and you have $53,000 cash to cover down payment and closing cost of buying a house. You are looking at a house priced at $300,000 with monthly real estate tax and insurance cost amounting to $375. The lender will accept a down payment of 15% and the mortgage rate is 5%. The estimated closing cost is $6500. You have no other debt. Given the costs associated with the purchase of this house, mortgage rate, will you be able to take a 30-year mortgage to finance the purchase of this house with your income?
- Suppose you want to purchase a house. Your take-home pay is $4270 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $18,500 saved for a down payment and you can get an APR from your bank of 5.7%, compounded monthly. What is the total cost of a house you could afford with a 3030-year mortgage? Round your answer to the nearest cent, if necessary.You want to buy a $177,500 home. You plan to pay 30% as a down payment, and take out a 30-year loan at 5.5% for the rest. The bank requires 2 points at closing.(a) How much is the loan amount going to be?(b) How much are the closing costs?(c) What will your monthly payments be?(d) How much will you pay in interest over the life of the loan?You are borrowing $100,000 to purchase a house. The interest rate is 3.5% over 15 years, with monthly payments, and there is a $1,000 origination fee on the mortgage. What is the APR or true cost of borrowing (in %) taking into account the origination fee? Enter your answer in decimal format, using four decimal places. For example, 4.25% would be entered as .0425
