5. del is buying a $250,000 home. he has been approved for a 3.75% mortgage. he was required to make a 15%…

5. del is buying a $250,000 home. he has been approved for a 3.75% mortgage. he was required to make a 15% down payment and will be closing on the house on july 15. if his origination fee is 1.25%, and his title fee is $100, how much will he have to pay at closing?

5. del is buying a $250,000 home. he has been approved for a 3.75% mortgage. he was required to make a 15% down payment and will be closing on the house on july 15. if his origination fee is 1.25%, and his title fee is $100, how much will he have to pay at closing?

Answer

Explanation:

Step1: Calculate the down payment amount

$$250,000 \times 0.15 = 37,500$$

Step2: Calculate the mortgage loan amount

$$250,000 - 37,500 = 212,500$$

Step3: Calculate the origination fee

$$212,500 \times 0.0125 = 2,656.25$$

Step4: Sum all costs due at closing

$$37,500 + 2,656.25 + 100 = 40,256.25$$

Answer:

$40,256.25