11. The price of a townhouse is 225,000. The bank requires a 20% down payment and two points at time of closing. The cost of the townhouse is financed with a 30-year fixed rate mortgage at 4.5%. (Round all answers to the nearest cent) (Monthly principal chart on next page) Find the required down payment. Find the amount of the mortgage. How much must be paid for the two points at closing? Find the monthly payment amount of mortgage 1000 x value from table) Find the total interest paid over 30 years. Monthly Principal and Interest Rate Chart If you te looking to buy your first home or even if you te an experienced home buyer, the chart below will help you determine the principal and interest based on the current interest rate. By giving your approximate house payment, this table helps you stay within your price range. To calculate the principal and interest portion of your monthly house payment, first divide the loan amount by $1,000. Then multiply that number by the principal and interest payment factor. For example, if a $120,000 house is being purchased with a 20-year mortgage term, take the following steps: (1) $120,000/1.000 - 5120 (2) 20-year loan 6.000% -7.16 PRI Factor (3) 7.16 P&I Factor x 5120-5859 Monthly house payment for principal and interest would be approximately 5859 Monthly Principal and Interest Payment Factors (per $1,000) Interest 15-Year 20-Year 30-Year Interest 15-Year 20-Year 30-Year Interest 15-Year 20-Year 30-Year Term Term Term Rate Term Term Term Rate Term Term Term 4.000% 7.40 6.06 6.750% 8.85 7.60 6.49 9.500% 10.44 9.32 8.41 7.46 4.85 | 6.875% 8.927.68 6.57 9.625% 10.52 9.40 8.50 4.250% 7.52 6.19 70004 8.99 7.75 6.65 9.750% 10.59 9.49 8.50 4.175 7.59 6.26 4.99 7.125% 9.06 7.83 6.749.875% 10.67 9.57 8.68 4.500 7.65 5.07 17.250% 9.13 7.90 10.000% 10.75 9.65 8.78 7.71 6.39 5.14 7.375% 9.20 7.98 6.91 10.125% 10.82 9.73 8.87 4.750% 7.78 5.22 7.500% 9.27 8.06 6.99 10.25076 10.90 9.82 8.96 7.84 5.29 7.62596 9.34 8.13 7.08 10.3756 10.98 9.90 9.05 5.000 7.91 6.60 5.37 | 7.750% 9.41 8.21 10.500% 11.08 9.98 9.15 7.97 6.67 5.44 17.875% 9.48 8.29 7.25 10.625% 11.13 10.07 5.250% 8.04 6,74 5.52 18.000% 9.56 8.36 7.34 10.750% 10.15 6.81 5.60 18.125% 9.63 8.44 7.42 10.875% 11.29 10.24 9.43 5.500% 8.17 6. 5.68 8.250% 9.70 8.52 7.51 11.000% 11.37 10.32 56.25% 8.24 6.95 5.768.375% 9.77 8.607.60 11.125% 1041 5.75096 8.30 7.02 5.84 8.5006 9.85 8.68 7.69 11.250 11.52 10.49 9.71 5.875% 8.37 7.09 5.928.625% 8.76 7.78 11.375% 11.00 10.5 6.000 7.16 6.00 8.75096 9.99 8.84 7.87 11.500% 11.68 10.66 9.90 8 51 7.24 6.08 8.875% 10.07 8.92 7.96 11.625% 11.76 10.75 10.00 6.250 8,57 7.31 6.16 9.000 10.14 9.00 8.05 11.750% 11.84 10,84 10.09 6.3757 8.64 7.38 6.249.125% 10.22 9.08 8.14 11.875% 11.92 10.92 10.19 6.50098 8.71 7.46 6.32 9.250% 10.29 9.16 8.23 12.000% 12.00 11.01 10.29 8.78 7.53 6.409.375% 10.37 9.24 8.32 Only includes principal and interest. Taxes and insurance are calculated separately, 7.16 10
