what is the total mortgage for a $160,000 purchase, a 10% down payment, and the closing costs shown in the…

what is the total mortgage for a $160,000 purchase, a 10% down payment, and the closing costs shown in the table? credit report $300.00 loan origination fee 1% attorney and notary $600.00 documentation stamp 0.50% processing fee $300.00

what is the total mortgage for a $160,000 purchase, a 10% down payment, and the closing costs shown in the table? credit report $300.00 loan origination fee 1% attorney and notary $600.00 documentation stamp 0.50% processing fee $300.00

Answer

Answer:

$147,300

Explanation:

Step1: Calculate down - payment amount

$160000\times0.1 = 16000$

Step2: Calculate loan amount

$160000 - 16000=144000$

Step3: Calculate loan origination fee

$144000\times0.01 = 1440$

Step4: Calculate documentation stamp fee

$144000\times0.005 = 720$

Step5: Calculate total closing costs

$300+1440 + 600+720+300=3360$

Step6: Calculate total mortgage

$144000+3300 = 147300$