The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend?
Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa?
Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa?
If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed rate of 6.375%?
Explain how the amount of a down payment affects your monthly mortgage payments.
The more money you put down, the smaller your principal value becomes. Having a smaller principal value will make your monthly payments smaller.
Tyrell bought a house for $186,500. He has a 30 year mortgage with a fixed rate of 6.5%. Tyrell’s monthly payments are $1,060.93. How much was Tyrell’s down payment?
If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed rate of 6.375%?
The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend?
What is the portion of a home's purchase price paid in cash and is not part of the mortgage loan?
Which of the following is not a component of a mortgage payment?
Tyrell bought a house for $186,500. He has a 30 year mortgage with a fixed rate of 6.5%. Tyrell’s monthly payments are $1,060.93. How much was Tyrell’s down payment?
Explain how the amount of a down payment affects your monthly mortgage payments.
A larger down payment reduces the amount that must be borrowed, which generally lowers the monthly mortgage payment and total interest paid. A smaller down payment means a larger loan and usually higher monthly payments.
Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. He has saved up $35,000 for a down payment. Nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Nick’s situation?
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