To get the best interest rates on a mortgage, buyers must have a down payment of 20% of the value of the home. If you are buying a home that has an assessed value of $250,000 what is the amount of a 20% down payment? $ If the value of the loan is more than 80% of the value of the property, lenders may require a borrower to purchase a mortgage insurance policy to protect the lender if the borrower defaults on the mortgage. The insurance premium cost is usually built into the monthly payments and increase the payments on the loan until the premium is paid off. The cost of the insurance policy is usually spread over 7 years of monthly payments. If a borrower pays $91.01 per month for 7 years, what is the total cost of the mortgage insurance premium? ta