Mortgages Answers

Julio just bought a $267,900 house. He had a 20 year mortgage with a fixed rate of 5.875%. Julio’s monthly payments are $1,558.09. What percent of the purchase price was Julio’s down payment?a.13%b.15%c.18%d.20%

The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend?a.30 year FHA, 3.5% down at a fixed rate of 6.25%b.30 year fixed, 20% down at a fixed rate of 6%c.30 year fixed, 10% down at a fixed rate of 6%d.15 year fixed, 20% down at a fixed rate 5.5%

Which of the following is not a component of a mortgage payment? a. principal b. interest c. taxes d. down payment Please select the best answer from the choices provided

Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. He has saved up $35,000 for a down payment. Nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Nick’s situation?a.Change to a 15 year fixed loanb.Change the interest to 6%c.Change the down payment to 18% downd.None. This is a viable option for Nick.

Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa?a.30 year fixed, 6.5% down at a fixed rate of 5%b.30 year FHA, 3.5% down at a fixed rate of 6.5%c.30 year fixed, 5% down at a fixed rate of 6.25%d.30 year fixed, 10% down at a fixed rate of 5.75%

Shauna wants to buy a house and plans to rent the apartment located in the basement for extra income. The house has a purchase price of $195,600 and she will make a 5% down payment. Shauna has qualified for a 30 year mortgage with a fixed rate of 5.875%. Approximately how much rent should she charge for the apartment in order to cover her monthly mortgage payment if she only wants to spend $400 a month of her own money? a. $300 b. $700 c. $1100 d. $1150 Please select the best answer from the choices provided

Tyrell bought a house for $186,500. He has a 30 year mortgage with a fixed rate of 6.5%. Tyrell’s monthly payments are $1,060.93. How much was Tyrell’s down payment? a. $12,120 b. $18,650 c. $27,975 d. $37,300 Please select the best answer from the choices provided

If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed rate of 6.375%?a.$1,569.27b.$1,937.12c.$2,152.35d.$3,314.59

What is the portion of a home's purchase price paid in cash and is not part of the mortgage loan?a.principal b.insurancec.taxesd.down payment

Explain how the amount of a down payment affects your monthly mortgage payments.