Mathematics, 05.05.2021 08:00 laylah255

1. You are preparing to buy a house. Your monthly gross income is $3,200. a. What is the maximum amount you can finance (mortgage)? (4 points)

b. You have saved $15,000 for a down payment. What is the max you can spend (max house price)? (4 points)

2. You are buying a house that is valued at $499,000. You pay a down payment of 20%.
You finance the rest at 6.5% for 30 years. Your monthly mortgage payment is $2,522.94. The house is expected to appreciate in value 9% per year. Fill in the table with the missing information. (25 points)

Price of House
Down Payment
Amount Financed (Mortgage principal)
Monthly Payment
# of monthly payments
Total Payback
Interest
Appreciated Value after 10 years

3. Your mortgage payment is $585 per month. Your annual real estate taxes are $2,820.
Your annual homeowner’s insurance is $1500. What is your total monthly payment to your lender (includes mortgage and escrow)? (7 points)

Answers: 3

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