1) if a young family have already saved $5,000 for the purpose of buying a home, but expect to need a total of $25,000 for the required down payment and closing costs for the future home they hope to buy and finance with aq FHA mortgage. How much per month do they have to save and ivvest to reach this goal in 4 years from today, if an annual rate of return of 2% can be earned on their saving?

$ Monthly saving required.

if the cost of the home is $250,000 and the are able to obtain 95% FHA home mortgage financing on this home, what is the amount of their new home mortgage loan? this means that 5% down payment is required.

Monthly mortgage paymnet.

If the mortgage annual interwst rate is 3.5%, for a 30 year fixed rate mortgage, what is the monthly mortgage loan for this loan payment? 3.5/12=I/Y = .29116666

Monthly mortgage payment

if the monthly FHA home mortgage insurance premium is .7% of the outstanding mortgage loan balance, what is the amount added to the monthly mayment for this required insurance? Hint: new monthly mortgage payment is computed using 3.5% annual rate puls FHA insurance. (3.5%+.7%=4.2%) 4.2/12=I/Y=.35

monthly mortgage payment with FHA insurance

if the total closing costs including the required 1.7% FHA mortgage insurance premium are 5.2% of the new mortgage, what are the total closing costs? the total closing costs must be paid at the time ofpurchase in addition to the down payment

new mortgage amount * 5.2%= total closing costs to finance the home

=$

APR= %