Calculate how much money a prospective homeowner would need for closing costs on a house that...
Calculate how much money a prospective homeowner would need for closing costs on a house that costs $83,500. Calculate based on a 19% down payment, 1.5 discount points on the loan, a 0.7 point origination fee, and $1,550 in other fees.
The Closing costs would be:
Homework Answers
House price (P) = 83,500
Loan amount = P*(1-downpayment rate) = 83,500*(1-19%) = 67,635
Closing cost = (discount points + origination fee)*Loan amount + other fees
= (1.5% + 0.7%)*67,635 + 1,550 = 3,037.97
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