Question

Riley made a 18% down payment on a home that cost $212,400. He financed the remaining amount using a 25-year, fixed-rate mortgage at 5.85%. His monthly payment will be $1,106.25. Riley will pay for two discount points, a 0.5% origination fee, 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 $185 plus 3% of the mortgage amount.
-Intangible tax is 0.2% of the mortgage amount.

What is the total cost of Riley’s home including the principal, interest, down payment, and fees?
A. $382,351.08
B. $556,484.08
C. $384,629.00
D. $346,767.20