How much would you have to put down on a house with a selling price of...

How much would you have to put down on a house with a selling price of $90,000 and an appraised value of $95,000 when the lender required an 80% loan-to-value ratio?

Solutions

Expert Solution

Loan-to-Value Ratio = Mortgage Amount / Appraised Property Value

0.80 = Mortgage Amount / $95,000

Mortgage Amount = $95,000 * 0.80 = $76,000

Down payment = Selling Price - Mortgage Amount = $90,000 - $76,000 = $14,000

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

How much would you have to put down on a house costing $160,000 if the house...

How much would you have to put down on a house costing $160,000 if the house had an appraised value of $169,000 and the lender required an 80% loan-to-value ratio?

FUTURE VALUE - (a) How much money would you have in a year if you put...

FUTURE VALUE - (a) How much money would you have in a year if you put $1,000 in the bank at an annual interest rate of 3 percent? How much would you have if you left all of that money in the bank for another year and annual interest rates increased to 4 percent in the second year? (PLEASE INCLUDE FORMULAS UTILIZED TO SOLVE PROBLEM) (b) How much money would you have in a year if you put $2,500 in...

You put 20% down on a home with a purchase price of $250,000. The down payment...

You put 20% down on a home with a purchase price of $250,000. The down payment is thus $50,000, leaving a balance owed of $200,000. A bank will loan you this remaining balance at 3.91% APR. You will make monthly end-of-the-period payments with a 30-year payment schedule. What is the monthly annuity payment under this schedule?

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

You wish to buy a house today for $350,000. You plan to put 10% down and...

You wish to buy a house today for $350,000. You plan to put 10% down and finance the rest at 5.20% p.a. for thirty years. You will make equal monthly payments of $_______.

You wish to buy a house today for $350,000. You plan to put 10% down and...

You wish to buy a house today for $350,000. You plan to put 10% down and finance the rest at 5.20% p.a. for thirty years. You will make equal monthly payments of $_______.

1. You just bought a house for $300,000. You put $100,000 as a down payment and...

1. You just bought a house for $300,000. You put $100,000 as a down payment and borrow the remaining $200,000 from a bank. You take out a 30-year mortgage that charges you 6 percent APR but with monthly compounding. a. How much is your monthly mortgage payment? Show your work. b. How much of your second mortgage payment goes towards interest? Show your work.

You are planning to purchase a house that costs $480,000. You plan to put 20% down...

You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use function “PMT” to calculate your mortgage payment. Use function “PV” to calculate the loan amount given a payment of $1700 per month. What is the most that you can borrow? Use function “RATE” to calculate the interest rate given a payment of $1700...

You found your dream house. It will cost you $200000 and you will put down $35000...

You found your dream house. It will cost you $200000 and you will put down $35000 as a down payment. For the rest you get a 30-year 5.5% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)? Your Answer: Question 11 options: Answer Hide hint for Question 11 Mortgage monthly payment N=30 years*12 month each year=360 I/Y=monthly interest rate= annual interest rate/12 PV= house price- down payment (money you will need to borrow from the...

Subjects