what is the total mortgage for a $240,000 purchase, a 10% down payment, and the closing costs shown in the…

what is the total mortgage for a $240,000 purchase, a 10% down payment, and the closing costs shown in the table? credit report $200.00 loan origination fee 1% attorney and notary $500.00 documentation stamp 0.50% processing fee $200.00

what is the total mortgage for a $240,000 purchase, a 10% down payment, and the closing costs shown in the table? credit report $200.00 loan origination fee 1% attorney and notary $500.00 documentation stamp 0.50% processing fee $200.00

Answer

Answer:

$224,100

Explanation:

Step1: Calculate down - payment amount

$240000\times10% = 24000$

Step2: Calculate loan amount

$240000 - 24000=216000$

Step3: Calculate loan origination fee

$216000\times1%=2160$

Step4: Calculate documentation stamp fee

$216000\times0.50% = 1080$

Step5: Calculate total closing costs

$200 + 2160+500 + 1080+200=4140$

Step6: Calculate total mortgage

$216000+4140 + 24000 - 24000=224100$