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.
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- 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 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.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?
- 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.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.Suppose you are interested in taking an FHA mortgage loan for $250,000 in order to purchase your principal residence. In order to do so, you must pay an additional up-front mortgage insurance premium (UFMIP) of 1.0% of the mortgage balance. If the interest rate on the fully-amortizing mortgage loan is 5% and the term is 30 years and the UFMIP is financed (i.e., it is included in the loan amount), what is the dollar portion of your monthly mortgage payment that is designated to cover the UFMIP? A. $2,500.00B. $1,119.41C. $159.67D. $13.42
- You buy a home for $182,251 and put $13,298 down. You borrow the remainder. The mortgage company also charges a 3% loan and closing fee which you must also borrow. The interest rate is 7.5% for 30 years. What is the actual APY (the actual interest rate they will have paid)? 10.6% 11% 11.5% 10.5%your bank also requires that the monthly mortgage payments include properety tax and homeowners insurance payments. if the property tax is 1,710 per year and the properety insurance is 1458 per year for (PITI) what is the total monthly payment in $?Suppose your gross monthly income is $5,500 and your current monthly payments are $575. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%? (Round your answer to the nearest cent.)$