Mortgage Loans
Find the down payment and the mortgage loan:
Selling Price: $132,600
Down Payment: 25%
Down: $33,150
Mortgage: $99,450
Find the assessed value:
Market Value: $950,000
Rate of Assessment: 55%
Tax Rate: 34.5 mills
$522,500
Calculate the earnings that a buying agent would receive if she evenly split a 5% commission with the selling agent on a house that sold for $229,000
$5725
What does the P,R,N mean in this formula?
P( r ÷12)(1+ r ÷ 12) ^ n ÷ ( (1 + r ÷ 12) ^ n – 1)
P = Principal
r = rate
n = number of monthly payments
When a house is sole, about 5-6% of the ____________ price serves as commission.
Selling
Find the down payment and the mortgage loan:
Selling Price: $87,500
Down Payment: 15%
Down: $13,125
Mortgage: $74,375
Express the tax rate as a decimal:
Market Value: $95,000
Rate of Assessment: 45%
Tax Rate: 54.5 mills
0.0545
Calculate the earnings that a buying agent would receive if she evenly split a 5% commission with the selling agent on a house that sold for $415,000
$10,375
How do you find the principal amount (P)?
Subtract the down payment from the home value
A mortgage is the name of a loan meant for ____________
Homes and other real estate
Find the down payment and the mortgage loan:
Selling Price: $306,200
Down Payment: 17.5%
Down: $53,585
Mortgage: $252,615
What is the real estate tax?
Market Value: $229,500
Rate of Assessment: 30%
Tax Rate: 43.46 mills
$2,992.22
Calculate the earnings that a buying agent would receive if she evenly split a 5% commission with the selling agent on a house that sold for $78,000
$1950
Find the monthly payment of a house valued at $380,000 with a 10% down payment for 30 years at 5.9% APR.
CALCULATOR KEY STROKES: P ( r ÷ 12)(1 + r ÷ 12) ^ n ÷ ( (1 + r ÷ 12) ^ n – 1) =
$2028.53
Homeownership also means paying for _____________________ and _________________.
property taxes and insurance
Find the down payment and the mortgage loan:
Selling Price: $198,000
Down Payment: 12.5%
Mortgage: $173,250
What is the real estate tax?
Market Value: $542,000
Rate of Assessment: 60%
Tax Rate: 24.31 mills
$7,095.61
Calculate the earnings that a buying agent would receive if she evenly split a 5% commission with the selling agent on a house that sold for $425,000
$10,625
Find the monthly payment of a house valued at $925,000 with a 15% down payment for 30 years at 3.4% APR.
CALCULATOR KEY STROKES: P ( r ÷ 12)(1 + r ÷ 12) ^ n ÷ ( (1 + r ÷ 12) ^ n – 1) =
$3486.87
What is PMI?
A fee you make to protect the lender in case you stop making payments.
Find the down payment and the mortgage loan:
Selling Price: $799,999
Down Payment: 36%
Down: $287,999.64
Mortgage: $511,999.36
What is the real estate tax?
Market Value: $87,400
Rate of Assessment: 50%
Tax Rate: 30.45 mills
$1,330.67
Calculate the earnings that a buying agent would receive if she evenly split a 5% commission with the selling agent on a house that sold for $545,000
$13,625
Find the monthly payment for a house valued at $310,000 on a 30 year loan with a 20% down payment at 5.25% APR.
CALCULATOR KEY STROKES: P ( r ÷ 12)(1 + r ÷ 12) ^ n ÷ ( (1 + r ÷ 12) ^ n – 1) =
$1,369.47
What are the four major components of a mortgage?
principal
interest
homeowners insurance
property taxes