Brooke bought a condominium for $413,600. She made a 9% down payment and financed the remaining amount using a 25-year fixed-rate mortgage at 5.2%. The monthly payment is $2,244. Brooke will pay for one discount point, a 0.75% origination fee, the brokerage fee, state documentary taxes on the deed and the mortgage, and the intangible tax.

Question

anonymous · Answer

Discount points equal 1% of the mortgage amount.
Documentary stamp tax on deed is $0.70 per $100 or portion thereof.
Documentary stamp tax on mortgage is $0.35 per $100 or portion thereof.
Mortgage broker fee is $175 plus 5% of the mortgage amount.
Intangible tax is 0.2% of the mortgage amount.

What is the total amount of the principal, interest, down payment, and fees described for Brooke’s condominium?

anonymous · Answer

I know how to calculate the points and fees but I have no idea how to find the amount being financed

anonymous · Answer

I need help finding the mortgage amount and I can do the rest myself

anonymous · Answer

It looks like you are asked to assume mortgage amount M and
then indicate the formula for calculating these charges, like 0.01 M for discount.

anonymous · Answer

Yes, exactly but I don't know how to find the mortgage :(