The price of a home 209000, the bank requires a 20% down payment and 3 points in time of closing?The cost of the home is financed with a 30-year fixed-rate mortgage at 10% what is the down payment required? Find the amount of mortgage? How much must be paid for 3 points at closing? Find the monthly payment (excluding ex crowed taxes and insurance) ? Find the total cost of interest over 30 years ? | |
Ela
what is the down payment required?
20% x 209,000 = 41,800
Find the amount of mortgage?
80% x 209,000 = 167,200
How much must be paid for 3 points at closing?
3% x 167200 = 5,016
Find the monthly payment (excluding ex crowed taxes and insurance) ?
P = 1467.30/ mo
Find the total cost of interest over 30 years ?
Interest = 1467.30 x 12 x 30 - 167200 = 361,028 [excluding Points]
hope that helped
