Suppose you take out a 30-year mortgage for a house that costs 5490, 236. Assume the following: The annual interest rate on the mortgage is 3.6% The bank requires a minimum down payment of 18% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be?

Suppose you take out a 30-year mortgage for a house that costs 5490, 236. Assume the following: The annual interest rate on the mortgage is 3.6% The bank requires a minimum down payment of 18% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

See similar textbooks

Similar questions

Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The annual interest rate on the mortgage is 3.9%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is 1.1% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.
Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following: The annual interest rate on the mortgage is 4.4%. The bank requires a minimum down payment of 8% of the cost of the house. The annual property tax is 1.9% of the cost of the house. The annual homeowner's insurance is $844. The monthly PMI is $55. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule? Round your answer to the nearest dollar.
Suppose you take out a 20-year mortgage for a house that costs $286,205. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 13% at the time of the loan. The annual property tax is 1.9% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. The monthly PMI is $59 Your other long-term debts require payments of $777 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your answer to the nearest dollar.
Suppose you take a 10-year mortgage for a house that costs $252,923. Assume the following: The annual interest rate on the mortgage is 3.1%. The bank requires a minimum down payment of 10% of the cost of the house. The annual property tax is 1.4% of the cost of the house. The annual homeowner's insurance is $891. The monthly PMI is $91. Your other long-term debts require payments of $1,782 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule? Round your answer to the nearest dollar.
Suppose you want to purchase a house. Your take-home pay is $4270 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $18,500 saved for a down payment and you can get an APR from your bank of 5.7%, compounded monthly. What is the total cost of a house you could afford with a 3030-year mortgage? Round your answer to the nearest cent, if necessary.
Suppose you want to purchase a house. Your take-home pay is $2790 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 14 of your take-home pay on a house payment. You have $15,600 saved for a down payment and you can get an APR from your bank of 3.9% compounded monthly. What is the total cost of a house you could afford with a 30 -year mortgage? Round to the nearest cent, if necessary.
Ay 2. Suppose you take out a 30-year mortgage for a house that costs $390,284. Assume the following: The annual interest rate on the mortgage is 4.1%. The bank requires a minimum down payment of 13% at the time of the loan. The annual property tax is 2.3% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.
You are considering buying a house. The home is currentlylisted for $750,000. Terms for the loan from your local bankare listed at 6.5% interest compounded monthly for a 30-yearfixed rate mortgage with no fee’s. The bank would require youto put 20% as a down payment on the house, which would mean aloan to value of 80%. What would your monthly mortgage paymentbe on the loan?What is the total amount you will pay for the house?How much total interest will you pay over the course of theloan?
You are considering buying a house. The home is currentlylisted for $750,000. Terms for the loan from your local bankare listed at 6.5% interest compounded monthly for a 30-yearfixed rate mortgage with no fee’s. The bank would require youto put 20% as a down payment on the house, which would mean aloan to value of 80%. What would your monthly mortgage paymentbe on the loan? What is the total amount you will pay for the house? How much total interest will you pay over the course of theloan?
The annual income of a borrower is $74,000.00. What is the maximum dollar amount he can borrow to purchase a house if the bank requires that the borrower’s debt to income ratio not to exceed 36% of his gross monthly income. The borrower is making a monthly payment of $250.00 for an auto loan and the current mortgage rate is 6.97%. The borrower can afford a total of 20% for the down payment and a closing cost of $6,765.00.
Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?
You are borrowing $250,000 to buy a house, using a standard, 30-year mortgage. Your mortgage lender offers a 5.50% mortgage with no points, or an X% mortgage with 0.80 points. You plan on living in the house for exactly 31 months, paying only the required payment each month, and without refinancing your mortgage. What rate for the mortgage with points will make you indifferent between the two mortgages? Calculate a nominal rate, with monthly compounding. Use the 5.50% rate to discount cash flows between the two options. Note: all rates in the problem are nominal annual rates with monthly compounding. Recall, 1 point is 1% of the mortgage. Enter your answer in decimal format, to 4 decimal places. truncated. For example, if your answer is 5.518%, answer "0.0551".