Brooke bought a condominium for $199,600. She made an 11% down payment and financed the remaining amount using a 15-year fixed-rate mortgage at 6.2%. The monthly payment is $1,706. 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.

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 $250 plus 7% of the mortgage amount.

Question

Brooke bought a condominium for $199,600. She made an 11% down payment and financed the remaining amount using a 15-year fixed-rate mortgage at 6.2%. The monthly payment is $1,706. 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.

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 $250 plus 7% of the mortgage amount.

anonymous · Answer

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?