Mortgage Loans
Patti Green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What is the amount of their mortgage loan?
$108,000
Al and Viola were granted an $80,000 mortgage. At the closing, they will have to pay the closing costs of $4,784 plus the real estate taxes of $1,230. What are the total closing costs?
$6,014
Julie and Barry purchased a house for $96,400. They financed at 5.5% for 30 years. How much of the first monthly payment is used to pay the interest?
$441.83
Cesar Santiago recorded his housing expenses for the month of September as follows: $575.16 for mortgage payment, $23.70 for insurance premium, $87.40 for real estate taxes, $76.36 for electricity, $21.18 for telephone service, and $19.30 for water. What is his total monthly housing cost?
$803.10
What is the formula to find interest?
Interest = Principal x Rate x Time
David Chin purchased a town home priced at $177,400 and made a 20% down payment. What was the down payment amount?
$35,480
Pablo was granted a $128,000 mortgage. At the closing, he will have to pay $2,064 in various fees plus 2% of the mortgage for points. What are the total costs?
$4,624
Rowena obtains a 30-year, $90,000 mortgage from State Bank. The interest rate is 7.5%, and her monthly payment is $629.10. For the first payment, what is the amount of interest?
$562.50
Fredricka’s monthly expenses were: mortgage payment, $547.90; insurance, $52.00; taxes, $184.00; electricity, $64.40; phone, $53.50; heating, $138.25; water, $27.44; and repairs, $179.87. What is her total monthly cost?
$1,247.36
What is the total interest on a $70,000 mortgage for 30 years when the monthly payment is $513.80?
$114,968
Desiree is considering the purchase of a new condominium for $95,500. She must make a 20% down payment. What amount of mortgage loan does she need to finance the purchase?
$76,400
Calculate the closing cost on a house that sold for $170,000.
Credit report: $70
Loan origination fee: 2% of mortgage
Abstract of title: $100
Attorney fee: $275
$3,845
Carlita Rodriguez and her brother purchased a house for $156,600. Neighbors Credit Union financed their loan for 30 years at 7%. For the first monthly payment, what is the interest?
$913.50
Melvin’s monthly expenses for December were: $548.36 for mortgage payment, $29.50 for insurance premium, $122.50 for real estate taxes, $46.75 for refrigerator installment payment, $104.70 for electricity, $115.60 for telephone, Internet, and cable, $315.75 for home heating oil, and $21.80 for water. What is his total monthly housing cost?
$1,304.96
David and Sheryl have saved $66,400 for a down payment on a home. The bank says the minimum down payment required is 25%. Is their down payment large enough for a $270,000 home?
No, the down payment would have to be $67,500
The Windens have purchased their first home at a selling price of $110,900. What is the amount of the mortgage loan if they made a 30% down payment?
$77,630
What is the total closing costs on a $150,000 home?
Attorney fee: $275
Documentation of stamp fee: 0.3% of mortgage
Processing fee: 1.10% of mortgage
$2,375
Hazeline Allen’s mortgage loan amount is $87,750. She financed her house for 30 years with monthly payments of $725. At the end of 30 years, what will be the total amount of interest charged?
$173,250
Kamil's monthly gross pay is $7,500. His monthly housing expenses were $1,715.29. Is this within the 35% of the gross pay recommendation?
Yes, 35% of $7,500 is $2,625
Rowena obtains a 30-year, $90,000 mortgage from State Bank. The interest rate is 7.5%, and her monthly payment is $629.10. After the first payment, what is the new principal?
$89,933.40
Kung and So Lee offered $287,000 for a home that had been priced at $296,500. The seller has agreed to their offer. A 20% down payment is required. What is the amount of the down payment?
$57,400
The McAllister's have purchased a house for $379,900. The total closing cost is 3.5% of the mortgage. What is the total closing cost?
$13,296.50
Rowena obtains a 30-year, $90,000 mortgage from State Bank. The interest rate is 7.5%, and her monthly payment is $629.10. For the first payment, what is the payment to principal?
$66.60
The Daigles had the following housing expenses for September: mortgage $396.80; insurance $34.15; real estate taxes $139.40; home improvements $44.75; electricity $51.20; telephone $29.75; gas $63.84; and water $18.50. What are their monthly expenses?
$778.39
Shelly Moyer has been granted a mortgage loan at an annual interest rate of 6% for 20 years by Patterson Mutual. The home has a selling price of $170,000. The bank requires a 20% down payment. Closing cost fees came out to $5,069. What are Shelly’s closing costs if you include the down payment?
$39,069