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# Pierre and Franca have a high ratio mortgage and will require mortgage default insurance. They purchased a home for $525,000, and have adequate money for closing costs. The down payment was 50,000. Using the rates below calculate the cost

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## Pierre and Franca have a high ratio mortgage and will require "mortgage default insurance". They purchased a home for $525,000, and have adequate money for closing costs. The down payment was 50,000. Using the rates below calculate the cost of the mortgage default insurance premium. Down Payment Amount 5- 9.99 percent 10 - 14.99 percent 15-19.99 percent Premium Rate 4% 3.10% 2.80

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## Given Down payment amount 50000 Total home price 525000 The View the full answer

**Related Book For**

## South-Western Federal Taxation 2020 Comprehensive

ISBN: 9780357109144

43rd Edition

Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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