Question

I am new to Open study but I need some help with an assignment for class. I am having a real hard time in this class and not sure what I am doing. can someone please help?

Answer 1

I'll try I guess...

Answer 2

What's the question?

Answer 3

Part I: Research and Determine Mortgage Amount
1. Find a home you would like to purchase and provide a description of the home along with the sale price. This is a 5 bedroom, 3 bathroom, single family home for the cost of $334,900.
2. State the mortgage amount needed for the home you chose if you do not have a down payment. It has a down payment of $66,980 (20%)
3. Time to get creative! Come up with a down payment amount you could have saved and explain how the money was saved.
4. State the mortgage amount needed for the home you chose after taking your down payment into consideration.
Part II: Calculate Total Costs
A bank offers the fixed rate loan shown below. Calculate the following for your mortgage with and without a down payment. Show your work for parts 2 – 7.
1. Monthly payment amount for a 5.7% 30-year fixed rate mortgage
2. Total cost of principal and interest
3. One Discount point that equals 1% of the mortgage amount
4. Documentary Stamp Tax on Deed is $0.70 per $100 or portion thereof
5. Documentary Stamp Tax on Mortgage is $0.35 per $100 or portion thereof
6. Mortgage Broker Fee is 0.75% of the mortgage amount
7. Intangible tax amount is 0.2% of the mortgage amount
Part III: Analysis
Make a table as shown to compare costs.
Table showing comparison of costs
Down Payment No Down payment
Total Principal and Interest
Discount Points
Documentary Stamp Tax on Deed
Documentary Stamp Tax on Mortgage
Mortgage Broker Fee
Intangible Tax
Down Payment Amount
TOTAL
1. What is the difference between total costs with and without a down payment? What does this value represent?
2. Do all of the costs depend on the amount of the mortgage? Explain using complete sentences.
3. How does a down payment affect the total cost of a mortgage? Explain using complete sentences.

Answer 4

O.O Sorry, I'll be of no help.

Answer 5

Alright thanks tho

Answer 6

I'm too simple-minded.

Answer 7

You're welcome!