Kari is purchasing a home for $220,000. The down payment is 25% and the balance will...

Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed.

Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).

Expert Solution

Answer

Explanation :

Particulars	Amount
Down payment amount (220,000*25%)	$ 55,000
Add :
Financed amount (220,00075%)4%	$ 6,600
Credit report	$ 70
Appraisal fee	$ 110
Title Insurance premium(220,00075%)1%	$ 1,650
Title Search	$ 200
Attorney fee	$ 500
Total	$ 64,130
Less : amount paid at singing contract	$ 30,000
Amount due at closing	$ 34,130

ekkarill92 answered 2 years ago

Suppose that you want to purchase a home for $220,000 using a down payment as described...

Suppose that you want to purchase a home for $220,000 using a down payment as described below and you finance the rest of the purchase by taking out a 15-year mortgage at 4.5% interest compounded monthly. The amount of the down payment is $56,083. Construct an amortization table for the entire length of the loan making sure to include columns for the payment number, the amount of the payment, the amount of each payment that goes towards the principal, the amount...

Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and...

Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. How much is her principal and interest payment each month?

Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In...

Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In addition, enter $400 as an additional principal payment for month 36 and $100 as an additional principal payment for month 75. what is the monthly closing balance from month 52

You are buying your first condo for $220,000 and are making a $20,000 down payment. You...

You are buying your first condo for $220,000 and are making a $20,000 down payment. You have arranged to finance the remaining amount with a 30-year monthly payment amortized mortgage at a 5.75% nominal interest rate. What will your monthly payments be? a. $1,167.15 b. $1,900.88 c. $1,200.93 d. $1,962.70 e. $1,324.02 f. $2,100.04 What is the estimated payoff on the mortgage question above after you have paid for 10 years? Show how you obtained the mortgage balance using Excel...

A borrower on a conventional mortgage makes a 25% down payment. With that amount of down...

A borrower on a conventional mortgage makes a 25% down payment. With that amount of down payment, she will be required to obtain ________. A. FHA insurance B. VA insurance C. private mortgage insurance D. GNMA payment guarantees E. none of the above

Mr. Smith is purchasing a $ 120000 house. The down payment is 20 % of the...

Mr. Smith is purchasing a $ 120000 house. The down payment is 20 % of the price of the house. He is given the choice of two mortgages: a) a 20-year mortgage at a rate of 9 %. Find (i) the monthly payment: $ (ii) the total amount of interest paid: $ b) a 15-year mortgage at a rate of 9 %. Find (i) The monthly payment: $ (ii) the total amount of interest paid: $

Mr. Smith is purchasing a $ 160000 house. The down payment is 20 % of the...

Mr. Smith is purchasing a $ 160000 house. The down payment is 20 % of the price of the house. He is given the choice of two mortgages: a) a 20-year mortgage at a rate of 10 %. Find (i) the monthly payment: $ equation editor Equation Editor (ii) the total amount of interest paid: $ equation editor Equation Editor b) a 15-year mortgage at a rate of 10 %. Find (i) The monthly payment: $ equation editor Equation Editor...

24.You plan on purchasing a $650,000 home. You’ll put 20% down and borrow the balance from...

24.You plan on purchasing a $650,000 home. You’ll put 20% down and borrow the balance from Santander Bank. You borrow the money on a 30-year loan with an APR of 6.5%. (15 points 4/3/3/3/3) a.What is your monthly mortgage? b. Five years later, what is the balance on the loan? c.In the first five years, how much interest did you pay? 25.XYZ Company borrows $450,000 to purchase a piece of capital equipment. The term of the loan is 20 years...

Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment....

Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment. Do not use an online amortization schedule. Note the textbook amortization schedule is using an annual payment. Please complete a schedule for both 180 months (15 years) and 360 months (30 years). The interest rate for the year is 2.75% according to Bankrate for the area the home is in. Remember to divide your interest by 12 to get a monthly rate. How much...

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?

Question