Costs associated with buying a house, condo, etc. The price of a home is $100,000. The bank requires a 20% down payment and 2 points at time of closing. The cost of the loan is financed with 30-year fixed rate mortgage at 4.5%. A. Find the required down payment B. Find the amount of the mortgage C. How must be paid for the 2 points at closing (1 point = 1% mortgage ) D. Find the Monthly payment 1. amount of the mortgage 1000 = number of thousands of dollars in mortgage amount 2. Take this value multiply it by the value in monthly principal and interest rate chart ( This is the monthly payment) E. 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 huset on the current interest rate. By giving your approximate house payment, this table helps you stay within your price range. To calculate the principale 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. Por example, if a $120,000 house is being purchased with a 20-year mortgage term, take the following steps: d) $120,000/1.000 - $120 (2) 20-year loan 6.000% -7.16 P&I Factor (3) 7.16 P&L Factor x 5120-5859 Monthly house payment for principal and interest would be approximately $859." 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 Rats Term 20-Year Term Term 30-Year Rate 4,000 Term Term Term Rate 7.40 Term Term 6.06 4.77 6.750% 8.85 Term 7.60 6.49 9.500% 7.46 9.32 6134.85 6.875% 10:44 8.41 8.927.686.57 4.250 7.52 9.625% 10.52 6.19 4.927.000% 9.4050 8.99 7.75 6.65 7.59 9.75096 10:59 6.26 4.99 17.125%9.06 859 7.83 6,749.875% 4.500 7.65 10.67 957 5.07 17.250% 9.13 7.90 6.82 1.675 7.71 10.000% 6.39 10.75 9.65 5.14 7.375%9.20 8.78 4.750% 7.98 6,91 10,125% 7.78 10.829.73 6.46 5.22 7.50094 8.87 9.27 8.06 6,99 7.84 10.2509 6.53 9.82 5.29 10.90 8.9 7.62594 9.34 8.13 7.08 110.375% 3.000 7.91 10.959.90 9.0 6.60 5.37 7.750% 9.41 5.125 7.97 7.16 10.500% 11.05 6.67 5.441 7.875% 9.98 9.15 9.48 8.297.25 10.625% 5.250% 8.04 11.13 10.07 6.74 5.52 18.000 9.56 8.36 7.34 8.10 6.81 5.60 8.125% 10.750% 11.21 10.15 9.63844742 10.875% 5.500% 11.29 10.34 6.88 5.68 8.250% 9.70 8.52 7.51 8.24 6.95 5.768.3759 11.000% 11.37 10.32 952 9.778.60 7.60 5.750% 8.30 11.125% 11:44 10.41 7.02 5.84 | 8.500% 9.85 8.68 7.69 11.250% 3.875 8.37 11.52 10.49 9.71 7.09 5.92 8.625% 992876 17.78 11.375% 6.000 8.44 11.60 7.16 10.58 0.81 6.00 8.750% 9.99 8.84 7.87 11.500% 11.68 10.66 0.125% 9.90 8.51 7.24 6.08 8.875% 10.078.927.96 6.250% 10.75 8.57 11.625% 7.31 11.76 10.00 6.16 9.000% 10.14 9.00 8.05 11.84 10.84 03759 11.750% 10.09 8.64 7.38 9.125% 10.229.08 8.14 11.875% 11.92 10.92 6.500% 10.19 8.71 7.46 6.32 9.25096 10.29 9.16 8.23 8.78 12.000% 11.01 7536.40 11 9.375% 10.37 9.24 12.00 10.29 8.32 Only includes principal and interest. Taxes and insurance are calculated separately. 9.13 8.17