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The price of the house is $300,000
3. You make a 20% down payment, fill in each amount below
Down payment amount _____________________________________
Financed amount ___________________________________________
4. How much will your principal and interest payment be per month if you take out a 30-year loan with an interest rate of 4.25%.
______________________________________________
5. Property tax in Nevada is approximately .53% of the value of the house. Calculate the taxes for your house based on the original asking price of the home. (from #2) _______________________________________
6. Does you home have listed homeowners association dues? If so how much are they per month?
______________________________
7. The average home owners insurance in Las Vegas is $1049 per year. What is your total monthly mortgage payment for the house (this includes principle and interest, taxes, HOA and insurance) ____________________________
8. How much must your adjusted monthly income be in order for you to qualify for this house? Assume the bank will allow you to finance 28% of your adjusted monthly income.
______________________________________
9. When you make the first payment
a. how much of the payment is interest? __________________________
b. How much of the payment is principal? ___________________________
10. How much in total will you pay for the 30 year loan? (I’m only interested in the loan here, not the taxes, insurance, etc)
_________________________________________
11. How much will you pay in interest for the loan?
____________________________________
12. How much will your principal and interest payment be per month if you take out a 15-year loan with an interest rate of 4% for the house? (use the same amount financed in part 2)
____________________________________
13. When you make the first payment for the 15 year loan,
a. How much is interest ___________________________________________
b. How much goes to principal ___________________________________________
14. How much in total will you pay for the 15 year loan? _________________________________________
15. How much will you pay in interest for the 15 year loan? ____________________________________
16. How much money will you save by financing the house for 15 years versus 30 years?
______________________________________________
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