Question 2

What is the initial cost for me to buy a $100000 house borrowing a conventional mortgage loan and buying 2 points, assuming that other closing costs account for 3 percent of the loan value (round to the nearest dollar)?

Question 3

I am borrowing a $120000 30-year mortgage loan to buy a house. The interest rate is 4%. I can also buy 2 points to make the rate down to 3%. How many months will it take to break even if I buy the 2 points (round to the nearest month)?

Question 4)

My monthly gross income is $6000. I am eligible for a 4% and 30 year mortgage loan. The monthly expense on tax and insurance is estimated to be $100. What is the maximum that I can borrow according to the 28% rule? (round to the nearest dollar)

Question 5

I have $60000 in my savings account for purchasing a house. The closing costs are estimated to be $4000. What is the maximum that I can borrow according to the 80% rule (round to the nearest dollar)?