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You are planning to buy a house. Assume that you have the cash to pay 10% down payment on any home that you $2, 200/month maximum payment can afford including taxes and insurance (no PMI required). A lender offers you a 20-year fixed mortgage for the remaining 90% with 3.5% APR with 2 points and $3,000 in fees. Property taxes are $4, 800 and Casualty Insurance is $2, 400 annually (Assume these amounts are not dependent on the price of the house you buy). How expensive of a home can you purchase today? What would your TOTAL amount due at closing be?

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Financial Management, Finance

Category:- Financial Management
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