what is the total mortgage for a $150,000 purchase, a 20% down payment, and the closing costs shown in the…

what is the total mortgage for a $150,000 purchase, a 20% down payment, and the closing costs shown in the table? credit report $300.00 loan origination fee 1% attorney and notary $500.00 documentation stamp 0.50% processing fee $400.00

what is the total mortgage for a $150,000 purchase, a 20% down payment, and the closing costs shown in the table? credit report $300.00 loan origination fee 1% attorney and notary $500.00 documentation stamp 0.50% processing fee $400.00

Answer

Explanation:

Step1: Calculate down - payment amount

Down - payment = $150000\times20%=150000\times0.2 = 30000$

Step2: Calculate loan amount

Loan amount = $150000 - 30000=120000$

Step3: Calculate loan origination fee

Loan origination fee = $120000\times1%=120000\times0.01 = 1200$

Step4: Calculate documentation stamp fee

Documentation stamp fee = $120000\times0.50%=120000\times0.005 = 600$

Step5: Calculate total closing costs

Total closing costs = $300 + 1200+500 + 600+400=3000$

Step6: Calculate total mortgage

Total mortgage = Loan amount+Total closing costs = $120000 + 3000=123000$

Answer:

$123000$