Condo Info Condo Listing Price Today MA Transfer Tax (paid by seller) Closing Fee (paid by...

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Condo Info Condo Listing Price Today MA Transfer Tax (paid by seller) Closing Fee (paid by both buyer and seller at purchase) Condo Fee (monthly) Property Tax (annual) Maintainness Fee if buy the condo (annual) Agent Fee (% of selling price, paid by seller) Predicted Condo Price Increase Rate (annual) 1. Please calculate your monthly payment if you take the mortgage to buy this condo with 10% down payment. Answer: 2-1. Please calculate total monthly cost if you purchase the condo. Answer: 2-2. How much more do you pay if you purchase the condo compared to rent? Answer: $320,000 0.456% $3,000 $430 $4,200 $600 5% 4% Mortgage Info Down Payment Annual Interest Rate Monthly Interest Rate Amortization Time (year) Your Investment Portfolio Annual Return Monthly Return Rent Info Rent in nearby area (monthly) 10% 4.50% 0.36748% 30 6% 0.4868% $2,100 3. How much money do you need on the purchase date? (including down payment and closing fee) Answer: 4. How much is the outstanding mortgage you owe after 3 years? Answer: Scenario Analysis Please analyze whether you should buy the condo or not using following inforamtion. Assumption: You will sell the condo after Step 1: Find out the selling price Step 2: Find out the mortgage outstanding Step 3: Calculate the "net proceeds" Step 4: Find out your total opportunity cost Step 5: Make your conclusion (buy or not buy) 3 years <<<----- Don't forget the selling expenses and agent fees. <<<----- Suppose the money you need on the purchase date is withdrawn from your investment account, which you believe, is able to earn 6% return per year (equivalent to 0.48676% per month). Condo Info Condo Listing Price Today MA Transfer Tax (paid by seller) Closing Fee (paid by both buyer and seller at purchase) Condo Fee (monthly) Property Tax (annual) Maintainness Fee if buy the condo (annual) Agent Fee (% of selling price, paid by seller) Predicted Condo Price Increase Rate (annual) 1. Please calculate your monthly payment if you take the mortgage to buy this condo with 10% down payment. Answer: 2-1. Please calculate total monthly cost if you purchase the condo. Answer: 2-2. How much more do you pay if you purchase the condo compared to rent? Answer: $320,000 0.456% $3,000 $430 $4,200 $600 5% 4% Mortgage Info Down Payment Annual Interest Rate Monthly Interest Rate Amortization Time (year) Your Investment Portfolio Annual Return Monthly Return Rent Info Rent in nearby area (monthly) 10% 4.50% 0.36748% 30 6% 0.4868% $2,100 3. How much money do you need on the purchase date? (including down payment and closing fee) Answer: 4. How much is the outstanding mortgage you owe after 3 years? Answer: Scenario Analysis Please analyze whether you should buy the condo or not using following inforamtion. Assumption: You will sell the condo after Step 1: Find out the selling price Step 2: Find out the mortgage outstanding Step 3: Calculate the "net proceeds" Step 4: Find out your total opportunity cost Step 5: Make your conclusion (buy or not buy) 3 years <<<----- Don't forget the selling expenses and agent fees. <<<----- Suppose the money you need on the purchase date is withdrawn from your investment account, which you believe, is able to earn 6% return per year (equivalent to 0.48676% per month).

Answer rating: 100% (QA)

1 Monthly payment with mortgage and 10 down payment The total mortgage amount is 288000 320000 x 90 288000 The monthly interest rate is 450 12 0375 The monthly payment can be calculated using the form... View the full answer