QUESTION: You are buying a Condo, and the Seller accepts your offer at $169,000. You learn that there are several costs associated with the purchase, and you are concerned if you have enough money to make it happen because you haveonly set aside $15,000 for this purchase.

Given:

1. Down Payment is 3% of Purchase Price

2. Taxes are $3,149.00 per year, and 1.5 are due at closing

3. Interest Rate on Mortgage is 2.5%

4.Length of Loan is 30 years

5. Home Owners Insurance is $660.00/year(to be paid at closing and kept in escrow)6. Monthly PMI$72.00(to be included in monthly mortgage payment)7. Homeowners Association (HOA) $267.00/Month (include in monthly mortgage payment)8. Lender's Mortgage Fee /Point is 1% of Mortgage Amount

Calculate:

Calculate the Down Payment Amount

Calculate the Amount to be Financed

Calculate the Amount of Taxes due at closing

Calculated the monthly mortgage payment w/o taxes and Insurance and other

Calculate the Lender/Mortgage fee due at closing

Calculate the Insurance due at closing

Calculate the monthly Insurance amount

Calculate the Total Closing Cost (Taxes, Lender Fee, Insurance)

Calculate the TotalAmount needed to close

Calculate the monthly Taxes amount

Calculate the Total Monthly Mortgage Payment including Taxes, Insurance, PMI, & HOA

Calculate the amount that you will have left from the $15,000 you have in savings.