The price of the house is $300,000

2. What is the asking price of the house? ___$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? _____No_____

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? ____________

Answer rating: 100% (QA)

1 Asking price of the house 300000 2 Down payment amount 20 of 300000 60000 Financed amount 300000 6... View the full answer