The price of a home is $102,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 9.5%

Question

The price of a home is ​$102,000.  The bank requires a​ 20% down payment and three points at the time of closing.  The cost of the home is financed with a​ 30-year fixed-rate mortgage at 9.5%
 Find the required down payment.

plumpycat · Accepted Answer

20% of 102,000 = 20,400 Loan amount = 102,000 - 20,400 = 81,600 3% of 81,600 = 2,448 Total downpayment = 20,400 + 2,448 = _____

The price of a home is ​$102,000. The bank requires a​ 20% down payment and three points at the time of closing. The cost of the home is financed with a​ 30-year fixed-rate mortgage at 9.5%

The price of a home is $102,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 9.5%