A dam Marsh is purchasing a $134,000 condominium apartment. The down payment is 20%, and
Chapter 0, Problem 17(choose chapter or problem)
A dam Marsh is purchasing a $134,000 condominium apartment. The down payment is 20%, and the balance will be financed with a 20-year fixed-rate mortgage at 8.75% and 3 discount points. The annual property tax is $1,940, and the hazard insurance premium is $1,460. When Adam signed the original sales contract, he put down a deposit of $10,000, which will be credited to his down payment. In addition, at the time of closing, he must pay the following expenses: Appraisal fee $165 Credit report $75 Attorneys fees $490 Roof inspection $50 Termite inspection $88 Title search $119 Mortgage insurance premium 1.2% of amount financed Documentary stamps 1 _ 4 % of amount financed As Adams real estate agent, he has asked you the following questions: a. What is the total monthly PITI of the mortgage loan? b. What is the total amount of interest that Adam will pay on the loan? c. How much is due at the time of the closing? d. If the sellers are responsible for the 6% brokers commission, $900 in closing costs, and the existing first mortgage with a balance of $45,000, what proceeds will be received on the sale of the property?
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