The price of the house is $300,000

3) You make a 20% down payment, fill in each amount below

Down payment amount _______________

Financed amount _

4. How much will your principal and interest payment be per month if you take out a 30-year loan with an interest rate of 4.25%.

______

5. Property tax in Nevada is approximately .53% of the value of the house. Calculate the taxes for your house based on the original asking price of the home. (from #2) _

6. Does you home have listed homeowners association dues? If so how much are they per month?

7. The average home owners insurance in Las Vegas is $1049 per year. What is your total monthly mortgage payment for the house (this includes principle and interest, taxes, HOA and insurance)

8. How much must your adjusted monthly income be in order for you to qualify for this house? Assume the bank will allow you to finance 28% of your adjusted monthly income.

________

9. When you make the first payment

a. how much of the payment is interest?

b. How much of the payment is principal? _

10. How much in total will you pay for the 30 year loan? (I’m only interested in the loan here, not the taxes, insurance, etc)

            _____

11. How much will you pay in interest for the loan?

12. How much will your principal and interest payment be per month if you take out a 15-year loan with an interest rate of 4% for the house? (use the same amount financed in part 2)

13. When you make the first payment for the 15 year loan,

a. How much is interest _

b. How much goes to principal ___

14. How much in total will you pay for the 15 year loan? _

15. How much will you pay in interest for the 15 year loan?

16. How much money will you save by financing the house for 15 years versus 30 years?

__________________________

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