Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $ 4,900, and their current monthly cash outflows are $ 3,650. Their rent makes up $ 650 of their cash flows. They would like to put 10% of their cash inflows in savings and put another $ 200 in their checking account for emergencies. How much of a mortgage payment can they manage under these conditions?
Answer to relevant QuestionsIf the cost of refinancing their house is $ 3,860, how long would Doug and Lynn have to remain in their home in order to recover the cost? (Ignore any interest on the savings in answering this question.) Larry and Laurie have found a home and made a $ 125,000 offer that has been accepted. They make a down payment of 10%. Their bank charges a loan origination fee of 1% of the loan and points of 1.5% (both are based on the ...Use a Web site or a financial calculator to determine the monthly mortgage payment (excluding property taxes and insurance) on a $ 90,000 mortgage if the Sampsons obtain a new 30- year mort-gage at the 8% interest rate. What is the purpose of insurance? What is meant by the term liability? How can individuals benefit from insurance? What are some steps you could take to reduce your home owner’s insurance premium?
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