30-year conventional conforming mortgage (source: Bankrate.com)

Down payment: 20%

FICO score needed: min. 700-719

WaterMark Homes LLC

NMLS #1838; State Lic #MC1838

Rate: 3.750% at 0.00 pts

45 day rate lock

You have just been offered a full-time position in Cambridge and want to live close to where you will be working. The above condo is currently listed for sale at $575,000 in Cambridge. It last sold for $435,000 in July 2005. This 1,128 square foot condominium has 2 bedrooms and 2 baths. The annual property taxes are estimated to be $5220. In research on home insurance, youve discovered that an average policy in Cambridge at this price level will cost about $1,080 per year.

Financing information for the potential property purchase is given above. In addition, your savings, targeted towards a home purchase, are $140,000.

You have a monthly car finance obligation (instalment) of $300 which you are paying off over the finance period of 4 years and $200 per month on your consolidated student loans.

Your broker has calculated closing costs, separate from the down payment on this property, to be $20,000. Assume that you will need to offer the listed price to stand a good chance of being accepted by the seller.

(8 pts)How much money will you need to have available for your property purchase at closing, and secondly, how much for the first month assuming that property tax and home insurance is paid monthly?

(