# 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?

______________________________________________

Is this the question you were looking for? Place your Order Here