A) Determine the amount of the required down payment.
B) Determine the monthly principal and interest payment for a 30-year loan with a 3% down payment.
Stacie Williams is purchasing her first home for 275000. she is obtaining an FHA loan through her credit union and is required to pay a 3% down payment. The current mortgage rate is 7.5%.
1. 275,000 x 3% =8,250
2. for this question you need to know the factor for 7.5% at 30 years. In this case the factor is 7.00 per 1000 borrowed.
Loan amount is 275000-8250=266750
266,750/1000=266.75*7.00=$1867.25
A) 3% of $275,000
B) simple math
References :
1. 275,000 x 3% =8,250
2. for this question you need to know the factor for 7.5% at 30 years. In this case the factor is 7.00 per 1000 borrowed.
Loan amount is 275000-8250=266750
266,750/1000=266.75*7.00=$1867.25
References :
$8250.00 down payment
Payment for principle & interest is 1865.16
References :
my computer, I am a mortgage lender 24 years.