Question
the price of a home is 120000 the bank requires a 10% down payment and 2 points at the time of closing the cost of the home is financed with a 30 year 8.5% how much must be paid for the 2 points at closing and how do I figure that amount
Answers
Henry
Dn payment = 0.1*12000 = $12,000
Po = 120,000-12,000 = $108,000 =
Amt. Financed.
2 points = 2% of loan amt(Po).
2 Points = 0.02 * Po=.02 * 108000=$2160.
Po = 120,000-12,000 = $108,000 =
Amt. Financed.
2 points = 2% of loan amt(Po).
2 Points = 0.02 * Po=.02 * 108000=$2160.