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ABOUT MORTGAGES FOR PURCHASING A HOME

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THE LIEBERMANS HAVE FOUND THEIR DREAM HOME AND IT COST $250,000.  THE BANK IS REQUIRIG A 30% DOWN PAYMEN, AND THE INTEREST RATE IS 9% FOR A 25 YER CONVENTIONAL LOAN.  THEIR ANNUAL GROSS INCOME IS $98,500 AND THEY HAVE 16 PAYMENTS OF $440 REMAINING ON THEIR CAR AND 13 PAYMENTS OF $275 REMAINING ON THEIR PLASMA TELEVISION.  THE TAXES FOR THIS THIS HOME WILL BE $4000 A YEAR AND THE INSURANCE WILL BE $950 A YEAR.  WHAT IS THE REQUIRED DOWN PAYMENT?

Mar 25th, 2015

All you have to do, to figure out the down payment, is to figure out what 30% of 250,000 is.

Turn 30% into a decimal: move the decimal point two spaces to the left; so 30% becomes .30

Now multiply this by 250,000:

250,000 times .30=75,00

So the required down payment of 30% on a $250,000 loan is $75,000

Mar 25th, 2015

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