Business, 07.05.2021 09:30 lakenyahar
BRYCE: Has a high paying job and has determined he could afford up to $2700 per month
Wants a sweet home to reward all his hard work; his dream home costs $550,000
Has been sloppy in the past with his bill pay, leading to a credit score of 670, so the best rate he can get is 4.26% for 30 years fixed
Is willing to contribute $75,000 to his down payment
How much, per month, is Bryce short on the mortgage payments for his dream home?
$
How much would Bryce’s down payment need to be if he wanted to get his monthly payments down to $2,500 or slightly under?
Using this strategy, how much total interest would he pay over the course of the loan?
Unfortunately, Bryce doesn’t have enough money to allocate towards such a huge down payment, so he decides to put in his original $75,000 down payment. Besides, Bryce is worried his credit score is a bigger problem, so he asks the bank how improving his score would impact his loan application. They provide this chart:
If Bryce could raise his credit score to 700 and keep the $75,000 down payment, could he afford his dream house? (760-850 = 3.649%, 700-759 = 3.871%, 680-699 = 4.047%, 660-679 = 4.261%, 640-659 = 4.69%, 620-639 = 5.235%)
Using this strategy, how much total interest would he pay over the course of the loan?
What do you think Bryce should do?
Answers: 2
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BRYCE: Has a high paying job and has determined he could afford up to $2700 per month
Wants a swee...
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