Adrian wants to buy a house for $206,700. He is planning on making a 20% down...

Adrian wants to buy a house for $206,700. He is planning on making a 20% down payment, and closing costs will amount to $3,180. Annual property taxes are $4,890, and homeowners insurance is $816 per year. How much money will he need up front?

Solutions

Expert Solution

Down payment and insurance needs to be paid upfront.

Annual property taxes and closing costs are not paid upfront.

Down payment = 206,700 * 0.20

Down payment = $41,340

Adrian needs to pay an upfront amount = 41,340 + 816

Adrian needs to pay an upfront amount = $42,156

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Adam bought a house for $220000. He is making a 20% down payment and finance the...

Adam bought a house for $220000. He is making a 20% down payment and finance the rest through a mortgage loan with an interest rate of j4=5.5%j4=5.5%. Calculate the monthly payment for the following time periods: a) 20 years: $ b) 25 years: $ c) 30 years: $

You are planning to buy a house in New Jersey. You put a 20% down payment,...

You are planning to buy a house in New Jersey. You put a 20% down payment, and 15-year mortgage rates are at 4.2% -Price of the house is $400,000. a. Calculate the monthly payments. b- Calculate the 1st month interest payment. c-Calculate the 1st month principal payments

You are planning to buy a house in New Jersey. You put a 20% down payment,...

You are planning to buy a house in New Jersey. You put a 20% down payment, and 15-year mortgage rates are at 4.2% -Price of the house is $400,000. A. Calculate the 1st month interest payments B.Calculate the 1st month principal payments C. Calculate the monthly payments. Place answer in the box below and use 2 decimals and no $ sign

E231- John Smith wants to buy a house that worth $250,000. He put done $40,000 down...

E231- John Smith wants to buy a house that worth $250,000. He put done $40,000 down payment and borrow the rest from a bank with interest rate 3.5% per year compounded monthly for 15 years. What is the monthly payment to the bank? How much interest John will pay to the bank in 15 years? How much interest John will pay in the FIRST year?

Eowyn wants to buy a house that is priced at $235,000. She makes a down payment...

Eowyn wants to buy a house that is priced at $235,000. She makes a down payment of 20% and then finances the balance with a loan that will require her to make monthly payments for thirty years, with the first payment due one month after the purchase of the house. If her lender charges 4.25% per year compounded monthly, find the outstanding loan balance after she makes 7 years of payments.

Jody is planning to buy a car for $20,000, putting 20% down in cash, with the...

Jody is planning to buy a car for $20,000, putting 20% down in cash, with the rest going towards a loan. The bank tells her that the interest rate on the loan will be 8% per year, which is then compounded monthly, for a three-year loan. What is Jody’s monthly payment going to be?

1. Your uncle is planning for retirement, and he wants to buy an annuity that will...

1. Your uncle is planning for retirement, and he wants to buy an annuity that will provide him with $96,000 of income a year for 20 years, with the first payment coming immediately. The market rate on this annuity is 5.25%. How much would the cost be today? Answer just the dollar amount without the + or - sign. Round to the nearest dollar. 2. What's the value today of $1,950 to be received in 5 years if the appropriate...

You are planning to buy a house. Assume that you have the cash to pay 20%...

You are planning to buy a house. Assume that you have the cash to pay 20% down payment on any home that your $2,400/month maximum payment can afford including taxes and insurance (no PMI required). A lender offers you a 30 year fixed mortgage for the remaining 80% with 4.5% APR with 1.5 points and $2,000 in fees. Property taxes are $3,600 and Casualty Insurance is $1,200. How expensive of a home can you purchase today? Using the data from...

Jackson is buying a house for $187,000. He puts 20% down then finances the balance for...

Jackson is buying a house for $187,000. He puts 20% down then finances the balance for 30 years at 2.75% interest. The monthly homeowners association dues are $115 per month. Home insurance totals $1712 per year, and annual taxes are $2740. Assuming home owner association fees, taxes and insurance are added monthly to the total house payment, find the total monthly amount that Jackson will pay for the house.

Jackson is buying a house for $244,000. He puts 20% down then finances the balance for...

Jackson is buying a house for $244,000. He puts 20% down then finances the balance for 30 years at 4.75% interest. The monthly homeowners association dues are $135 per month. Home insurance totals $1842 per year, and annual taxes are $3120. Assuming home owner association fees, taxes and insurance are added monthly to the total house payment, find the total monthly amount that Jackson will pay for the house.

Subjects