Question
If your lending institution is willing to give you an 85% loan/mortgage on a house valued at $150,000 and you already have given a $5,500 earnest money deposit, how much additional cash will you need for your downpayment?
Answers
Ms. Sue
150,000 * 0.15 = 22,500
22,500 - 5,500 = $17,500
22,500 - 5,500 = $17,500