The price of the house is $300,000 3. You make a 20% down payment, fill in each amount below Down payment amount _____________________________________ Financed amount _________________________

The price of the house is $300,000

3.       You make a 20% down payment, fill in each amount below

Down payment amount _____________________________________  

Financed amount ___________________________________________   

4.       How much will your principal and interest payment be per month if you take out a 30-year loan with an interest rate of 4.25%.

______________________________________________  

5.       Property tax in Nevada is approximately .53% of the value of the house. Calculate the taxes for your house based on the original asking price of the home. (from #2) _______________________________________

6.       Does you home have listed homeowners association dues? If so how much are they per month?

______________________________

7.       The average home owners insurance in Las Vegas is $1049 per year. What is your total monthly mortgage payment for the house (this includes principle and interest, taxes, HOA and insurance) ____________________________

8.       How much must your adjusted monthly income be in order for you to qualify for this house? Assume the bank will allow you to finance 28% of your adjusted monthly income.

______________________________________

9.       When you make the first payment

a.        how much of the payment is interest? __________________________ 

b.       How much of the payment is principal? ___________________________  

10.   How much in total will you pay for the 30 year loan? (I’m only interested in the loan here, not the taxes, insurance, etc)

            _________________________________________

11.   How much will you pay in interest for the loan? 

____________________________________ 

12.   How much will your principal and interest payment be per month if you take out a 15-year loan with an interest rate of 4% for the house?  (use the same amount financed in part 2) 

____________________________________ 

13.   When you make the first payment for the 15 year loan,

a.       How much is interest         ___________________________________________  

b.       How much goes to principal ___________________________________________  

14.   How much in total will you pay for the 15 year loan?            _________________________________________

15.   How much will you pay in interest for the 15 year loan? ____________________________________ 

16.    How much money will you save by financing the house for 15 years versus 30 years?

______________________________________________  

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