PLEASE HELP ME!!!!!

You are buying a house that is valued at $499.000. You pay a down payment of 20%. You finance the rest at 6.5% for 30 years. Your monthly mortgage payment is $2,522.94. For taxes, the house is assessed at 40 percent, with a tax rate of $3.03 per $100. You pay $1500 annually for homeowner's insurance. (32 points)

Price of House = ?
Down Payment = ?
Amount Financed (Mortgage principal) = ?
Monthly Payment = ?
# of monthly payments = ?
Total Payback = ?
Interest = ?
Assessed Valuation = ?
Real Estate Taxes (annual) = ?
Escrow Payment Per month (taxes & insurance) = ?
Monthly Payment to lender (escrow + mortgage) = ?

PLEASE SHOW FULL WORK!!!

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anthougo anthougo · Answer 1 · 2022-05-17T14:07:11+02:00

The full workings for the house purchase you made on a mortgage are as follows:

1. Price of House = $499,000 (given)

2. Down Payment = $99,800 ($499,000 x 20%)

3. Amount Financed (Mortgage principal) = $399,200 ($499,000 - $99,800).

4. Monthly Payment = $2,522.94 (given)

5. Number of monthly payments = 360 months (30 x 12)

6. Total Payback = $908,258.40 ($2,522.94 x 360)

7. Total Interest = $509,058.40 ($908,258.40 - $399,200)

8. Assessed Valuation = $199,600 ($499,000 x 40%)

9. Real Estate Taxes (annual) = $6,047.88 ($199,600 x $3.03/$100)

10. Escrow Payment Per month (taxes & insurance) = $628.99 ($6,047.88 + $1,500)/12

11. Monthly Payment to lender (escrow + mortgage) = $3,151.93 ($628.99 + $2,522.94)

A mortgage is a loan arrangement that allows a borrower to buy some property, usually a house, without paying for the full cost immediately.

The borrower then makes a monthly payment, which includes the principal and its interest.

Learn more about mortgage payments at https://brainly.com/question/22846480

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