Downy is purchasing a home for $283,000. He makes a 25% down payment and obtains a 25-year fixed rate mortgage loan at 7% annual interest. His monthly payments are $1,500.14. He pays an intangible tax of 0.2%.

Which of the following is the total cost of principal, interest, down payment, and amount of intangible tax?

Question

Downy is purchasing a home for $283,000. He makes a 25% down payment and obtains a 25-year fixed rate mortgage loan at 7% annual interest. His monthly payments are $1,500.14. He pays an intangible tax of 0.2%. 

Which of the following is the total cost of principal, interest, down payment, and amount of intangible tax?

mertsj · Answer

$450,041.65
 Total of 300 Payments
Add the down payment and the intangible tax.

mertsj · Answer

http://www.amortization-calc.com/