A a buyer is seeking conventional fixed rate financing in order to purchase a home. The sales price is 289500 and the property has been appraised at 290 1500. The buyer is planning to make a 5% cash down payment and finance the balance with two loans semicolon and 80% conventional first mortgage at 7% interest for 30 years and a 15% second mortgage from the seller at 6.5% interest. Payments on the second mortgage would be based on a 30-year amortization schedule, with a balloon payment of $40,000 650 do five years after closing. The first loan has a 1.5% loan origination fee. Also, the primary lender is planning to sell the loan to Fannie Mae, who will charge loan level price adjustments based on the secondary financing, the loan-to-value ratio, and the buyer's credit score. However the lender took those L lpa's into account in setting the buyers interest rate at 7% so the origination fee is the only loan fee the buyer will pay at closing. The first loan will require a monthly principal and interest payment of $1,540.84. The second loan will require a monthly principal and interest paid of $274.48. In addition, 1/12 of the annual property taxes of $3,190 and 1/12 of the annual Hazard insurance premium of $720 will be included in the buyers total mortgage monthly payment.

Question 1 what would the loan amounts for the first and second loans be?

Question 2 how much would the buyer pay at closing for the down payment and loan origination fee?

Question 3 what would the buyers total monthly payment for both loans come to, including principal, interest, taxes, and insurance?