what is the total mortgage for a $140,000 purchase, a 20% down payment, and the closing costs shown in the…

what is the total mortgage for a $140,000 purchase, a 20% down payment, and the closing costs shown in the table? credit report $600.00 loan origination fee 1% attorney and notary $400.00 documentation stamp 0.50% processing fee $200.00

what is the total mortgage for a $140,000 purchase, a 20% down payment, and the closing costs shown in the table? credit report $600.00 loan origination fee 1% attorney and notary $400.00 documentation stamp 0.50% processing fee $200.00

Answer

Explanation:

Step1: Calculate down - payment amount

Down - payment = $140000\times20%=140000\times0.2 = 28000$

Step2: Calculate loan amount

Loan amount = $140000 - 28000=112000$

Step3: Calculate loan origination fee

Loan origination fee = $112000\times1%=112000\times0.01 = 1120$

Step4: Calculate documentation stamp fee

Documentation stamp fee = $112000\times0.50%=112000\times0.005 = 560$

Step5: Calculate total closing costs

Total closing costs = $600 + 1120+400 + 560+200=2880$

Step6: Calculate total mortgage

Total mortgage = Loan amount+Total closing costs = $112000+2880 = 114880$

Answer:

$114880$