Hello Anon, the answer to your question depends on the term you are looking for. Today the fixed and the variable rates are still at all time lows so here is a quote for both. 5yr fixed rate mortgage at 3.59% will mean a monthly payment of approx $2016. Closed variable rate at Prime - 0.9% will mean a monthly payment of approx $1713. With a longer amortization 30 or 35 years these numbers drop quite a bit I would be more than happy to give you more rate quotes for different amortizations if you like, contact me and let me know what you are looking for and we can run some numbers. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

where does someone so dumb about money get 100K and has no clue what the payment would be. By the time the question was posted, the moron would have realized there are ENDLESS calculators online, including from every financial institution on earth. wow.

I bought my first house alone can i add my boyfriend to the house after the closing cost?

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The cost of my home is $280,000. the bank requires that i pay 2 points and 20% down to be qualified for a loan. they present me two options for a mortgage. option a: is a 30 year fixed rate mortgage at 5.75% interest. option b: is a 15 year fixed rate mortgage at 6.9% interest. what is each of the following? 1. the down payment? 2.the mortgage amount? 3. the monthly payment? 4. the total interest i will pay on the life of the loan? 5. the amount i will pay in points? 6. the total amount i would pay for the house? 7. which option would i choose? this is a homework problem, anyone have any idea how to solve this please help.

Hi Jonathan, I tried to answer this in "math", but your question expired while I was typing. Mostly this is practice using "percent", along with basic arithmetic. 1) The "20% down" means that you will pay 20% (that's a fraction 20/100=1/5) of the cost - that is the "down payment". Just multiply the total price by 20%. 2) The remaining 80% will be borrowed, the mortgage amount. (Either subtract the down payment from the cost, or multiply the cost by 80%=80/100=4/5=0.8.) 3) Monthly payments are more complicated, you have to calculate an exponent, as well as doing some addition, subtraction, multiplication and division (AND the derivation requires high school algebra- see sources):    Monthly Payment = (MortgageAmount) × (R/12) / [1 - 1/(1+R/12)^(12×Y)] where R is the (given) annual interest rate (remember that "%"; means "divided by 100"), and Y is the number of years. 4) A simple question, designed to get high school students to practice the arithmetic that they should have learned in elementary school. Just multiply the monthly payment by the number of months (12 times the number of years) to get the total amount you paid, then subtract the amount you borrowed, the mortgage amount. [RANT MODE ON] However, this number is utterly meaningless! It involves adding and subtracting amounts paid at different points in time, and the value of money depends on time! (Would you rather I pay you $100 today? or ten years from today? - It is the same amount of money. Should it make no difference?!?) Most students (and high school teachers) will look at the total interest from option A and option B and notice that the number for option A is almost twice as large as that for option B. However, suppose that you DO choose option A, and that you take just some of money you are saving each month (say $500) and invest it in the stock market (say the S&P 500 Stock Index). Now, after 15 years, option B would be finished, no more payments. For option A, that $500 saved has grown (based on the mean 15-year return for the S&P500) to over $2300. Not only are your mortgage payments covered, but you are getting an extra $1000 a month for the remaining 15 years. So which option is really better? (Pay more now and pay nothing later, or pay less now and get paid later?) [RANT MODE OFF] 5) "Points" are percentage points. What is 2% of the mortgage amount? 6) Can you add? (Answers 2, 4, and 5.) Another number with no meaning in the real world. 7) The standard high school textbook answer, written by people with no real understanding of financial mathematics, would be "Option B". However, assuming that you can afford option B, then option A may be far better financially.  

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1 . compute the mortgage loan amount for an $80,000 house, given a 20% down payment. a. $16,000 b. $64,000 c. $80,000 d. $96,000 2 . if the purchase price of a house were $56,800, what would the down payment be if 15% were required? a. $8,520 b. $48,280 c. $56,800 d. $65,320 3 . what is the mortgage loan amount for a house that costs $234,000 if 18% of the purchase price is required as a down payment? a. $276,120 b. $234,000 c. $191,880 d. $42,120 for questions 4, 5, and 6, use the monthly payment for a $1,000 loan table on page 799 of your textbook. 4 . what would the monthly payment be if the mortgage amount was $96,000 for 25 years at 6%? a. $618.24 b. $644.00 c. $6,440.00 d. $96,000.00 5 . compute the total amount paid after 20 years for an original mortgage amount of $56,000 at 5.5% interest. a. $92,467.20 b. $7,705.60 c. $56,000.00 d. $385.28 6 . find the total interest charged if the amount of the mortgage is $154,000, with a 30-year loan at 7% interest. a. $1,024.10 b. $154,000.00 c. $214,676.00 d. $1,024,100.00 for questions 7, 8, and 9, use the following table. 7 . find the closing costs on a $56,000 mortgage amount. a. $56,000 b. $2,895 c. $1,120 d. $700 8 . alicia's mortgage amount loan is $88,000. compute her closing. a. $3,935 b. $1,760 c. $1,100 d. $1,075 9 . compute the total mortgage amount if closing costs are added into the base mortgage amount of $86,500. a. $3,931.25 b. $82,568.75 c. $87,620.00 d. $90,386.25 10 . using the basic interest formula prt = i, compute the first-month interest for a 30-year, $89,000 mortgage at 5.6%. a. $415.33 b. $4,984.00 c. $168.00 d. $166.13 11 . find the payment to principal on a monthly payment of $549.60 if the principal amount before the payment was $76,000.00 and the apr was 7.2%. a. $75,544.00 b. $456.00 c. $93.60 d. $39.57 12 . compute the new principal if the previous balance was $45,560.00 with an interest rate of 8.5% for a 20-year loan and a monthly payment of $543.45. a. $45,560.00 b. $45,339.27 c. $45,237.28 d. $45,016.55 13 . compute the assessed value if the market value is $125,000 and the assessment rate is 45%. a. $56,250 b. $68,750 c. $181,250 d. $277,777 14 . compute the real estate tax if the market value is $98,000, assessment rate is 55%, and tax rate is exactly 0.0385. a. $53,900.00 b. $3,773.00 c. $1,697.85 d. $2,075.15 15 . find the amount of coverage on a home if the replacement value is $123,560 and the percent of coverage is the minimum 80%. a. $98,848 b. $24,712 c. $222,408 d. $617,800 16 . using the following chart, compute the amount of coverage on personal property for a home with a market value of $320,600 and a replacement cost of $256,480 (figured at 80%). a. $160,300 b. $128,240 c. $256,480 d. $205,184 for questions 17 and 18, use the homeowners insurance premiums table on page 359 of your textbook. 17 . compute the annual premium for a brick home with a replacement value of $87,500 and 80% coverage in fire protection class 1. a. $213 b. $225 c. $241 d. $268 18 . compute the annual premium for a wood-frame home with a replacement value of $150,000 and 80% coverage in fire protection class 9. a. $484 b. $508 c. $625 d. $657 19 . current fha recommended guidelines are that housing costs be less than 35% of monthly net pay. use the following chart to compute the total monthly housing costs if total net income is $1,633. a. $1,633.00 b. $596.50 c. $357.50 d. $208.78 20 . determine if the taylor family is within the fha recommended guideline for housing costs (≤ 35% of net income) by using the following chart. compute the amount that the family is over or under the recommended percent. a. the taylors are $356.15 below the recommended guideline. b. the taylors are $356.15 above the recommended guideline. c. the taylors are $886.00 above the recommended guideline. d. the taylors are $886.00 below the recommended guideline.

Honestly, this looks like all of your homework problems. If you want people to do your homework for you, forget it. Just flip back a few pages to the section that tells you how to set-up and solve these problems. If there a few specific problems you don't understand at all, then ask them here. Other than that... Sit down for about 1-2 hours and do your homework! Work for your grade! Good Lord... Don't be so lazy!

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We are looking into buying a new house in the mid-$400k's before we sell our current home, but this means that we would need a larger loan and that we would have less cash available up front for closing costs and downpayment. buying before we sell our home means that after all the closing costs, we would only have 3.5% - 4.5% as a down payment. i don't want to give my state/city-county because that is too much personal information for a q&a site, but i already checked and the hud website's fha loan limits in the area where we would buy the new house are: fha forward $271,050 ($280,000) ---and--- fannie/freddie $417,000. depending on the offer that is accepted, we'd need to borrow between $425,000 and $435,000, and again, we'd have 3.5% and 4.5% for a down payment (after we pay closing costs). we've talked to 2 lenders who only discussed fha loans since apparently only fha loans will allow as small as a 3.5% - 4.5 % downpayment: (1) lender #1 told us we have no choice but to get a conventional loan since we cannot get an fha loan for more than $280,000 -- end of story. he said there is absolutely no fha loan available for loans over $280,000. as for non-fha loans, lender #1 said there is a cap for conventional loans of $417,000, and even then, we'd have to have a 12% down payment. in other words, we must sell ours first to have enough cash for closing/down payment. (2) lender #2 said we can borrow up to $450,000 on an fha loan as long as we have a 3.5% down payment because our debt-to-income ratio is good enough. he said there is no $280,000 or $417,000 limit on fha loans when the loan is a jumbo (aka, "non-conforming") fha loan. the debt-to-income ratio is all that matters. what?! something seems really wrong with what we've been told since the two lenders seem to contradict each other on the fha "facts." we understand that different lenders will only finance conventional loans under the terms they set, but the fha rules are rules - they can't be different from lender to lender? can someone explain and make some sense out of this? add'l details: the house is not in a high-cost area. answers #1 & #2 have already responded to my questions on point, but if others want to respond, please feel free to do so. don't be misled by gvd's lack of comprehension, though; i'm not looking for rate quotes, i'm clearly not soliciting a loan from anyone on this site, & i'm intelligent enough to have provided the accurate limit information in my question. thus, you may rely on my facts to provide answers to my questions.

Since you did your homework and lender 1 basically confirmed what you found out, you know that lender 2 is pulling your chain. FHA county loan limits apply to any FHA loan so it's not something a lender can arbitrarily change or ignore . Since you know that you are not in a high cost area, your loan will be capped at $417,000 for any conventional financing. This means you can buy at $435,000,00 and as long as you can put 5% (which is the minimum for a conventional mortgage) down you fall just under the $417,000 limit. I have a question for you. You said you will have 3.5 to 4.5% available for a down payment after you pay closing costs. Are you talking about the closing costs on the home you're selling or the home you want to buy? If it's the home you want to buy, ask for seller concessions to cover your closing costs which frees up more money for your down payment. If you have any assets that you can liquidate that may help cover your down payment as well.

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The ziggler’s have been married for 6 years. they have two children, myra (5) and brenden (3). the ziggler’s have considered having more children but at the present time they would like to begin some personal projects. brett ziggler has just finished his bachelor’s degree in accounting. he would like to return to school part-time to obtain a master’s degree in accounting so that he can sit for the cpa certification exam. in the meantime, he has just begun working for pricewaterhousecoopers (pwc), as a transactions service representative making $40,000 per year. in one month brett will begin taking advantage of the firm’s 401k plan and intends to deposit 2% of his yearly income into this account. aleysia ziggler is a wedding planner and currently works for firm making $45,000 per year without benefits. aleysia would like to open her own event planning business focusing on weddings and special occasions. ideally aleysia would like to work from home but she worries that the apartment the family has been renting will not provide a stable enough office for her business. aleysia and brett have considered purchasing a home but they do not want to spend more money on their housing costs each month. the couple already spends $1500 each month on rent and the average home in their area is $280,000 and mortgage interest rates are around 6.25%. brett and aleysia decided 3 years ago to start saving for their children’s college education and weddings. the couple opened a savings account which returns 2.3% interest. they have decided to set aside $40 per month in the account. including their opening deposit and their monthly contributions; the account now has $4000. brett and aleysia have been donating 3% of their income to charities for the past 4 years. the couple feels that the donations are their way of supporting the community and worthy causes. the family also volunteers for a charity organization, 10 miles from their home, once a month to assist in teaching their children this value. brett and aleysia have a small investment portfolio worth $4700 from which they receive $30 annually in the form of dividends. the couple received this portfolio as a wedding gift but has not made any changes to it. brett and aleysia have a lot of decisions to make over the next few months and they would like to make the best decisions. they have asked for your help in providing them with a tax and financial planning strategy. 8.if brett left his job to return to school and aleysia kept her current position, how would your advice to the zigglers change? 9.if aleysia’s income grew to twice its current rate, how would the ziggler’s taxes change? if this occurred, how would your advice to the zigglers change? 10.summarize your tax-planning strategy for the zigglers and provide at least five tax-planning tips.

You should really be doing homework by yourself. Studying to arrive at the answers will help you in your future career far more than hoping to get it easily from this forum.

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Okay so here it is...to wait or to buy is my question. let me lay out the details. i make $57k a year, with an additional $605 monthly from child support. i have monthly expenses that include: car loan $695 (total due $35,000), second car loan $280 (total due $5,500), current rent $600, personal loan $107 (total due $1800), car insurance $230, credit card $15 (total due $300), phone bills $150, cable $107, and light water gas $200. i have gotten approved for an $110k mortgage at 5.35%, 30 yr fixed. the taxes on the place i am looking at are $1400, and the hoa fees are $110 monthly. i am trying to take advantage of the home tax loan, but what to do?? do i stay where i am and pay off some bills and miss the tax credit, or do i go ahead and purchase the townhouse?? please give me real, educated responses!!! thanks!!! also the townhouse is a foreclosure, priced already $20k under its comps (its in really good condition, so no work would need to be done). so do i offer the asking price of $110k or is it insulting to offer $10k less?? the house just listed yesterday, and it comes with no appliances. i would like to try and offer $100k with seller paying my closing cost, or $105k with them paying my closing and giving me an appliance allowance. thanks i have two seperate car loans...for two seperate cars..i have a car for myself and one for my mom..also i pay the full coverage insurance for my car, my moms car, and liability for my sisters car.

the bank just wants their money. offer low. i wouldn't go over 100. maybe lower because appliances will be around $5,000. have them pay closing. I'd probably offer $95 and the bank will tell you what they need.

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Kim and dan bergholt are both government workers. they are considering purchasing a home in the washington d.c. area for about $280,000. they estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. their only debt consists of car loans requiring a monthly payment of $350. kim's gross income is $55,000/year and dan's is $38,000/year. they have saved about $60,000 in a money market fund on which they earned $5,840 last year. they plan to use most of this for a 20% down payment and closing costs. a lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. estimate the affordable mortgage and the affordable purchase price for the bergholts. suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? what future changes might present problems for the bergholts? the real estate agent tells the bergholts that if they don't care to purchase, they might consider renting. the rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. the bergholts believe that neither of them is likely to be transferred to another location within the next five years. after that, dan perceives that he might move out of government service into the private sector. assuming they remain in the same place for the next five years, the bergholts would like to know if it is better to buy or rent the home. they expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. they expect to earn an annual rate of 5% on the money market fund. all other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. after federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. estimate whether it is financially more attractive for the bergholts to rent or to purchase the home over a five-year holding period. (assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) suppose it turns out that they have to relocate after one year. which is the preferred alternative after one year? (interest payments over the first year would equal $17,852.)

hi check this link its good http://insurancess.notlong.com .

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We are building a new home through brookfield homes and they have a package for $48,000 for all the energy efficient options that are supposed to save us money on energy bills and be great for the environment. they include: geo thermal loop for heating and cooling the house, wind turbine and batteries for storing energy for providing electricity for household items, solar tubes to heat water, solar photovoltaic panels to provide electricity for household items. how can i objectively look and see if it is worth adding another $280 monthly to my mortgage in hopes that it lowers my power and gas bills each month? is it worth it? the house is about 3200 sq ft on 2 levels and 4200 sq ft when including the finished basement.

Take a look at what your energy consumption has been for the last few years. Chances are that the cost of energy will not be going down. There may be tax advantages to have the cost as part of your mortgage rather than as a household expense. The local utility company may be able to provide statistics of average energy use in similar sized homes with and without the upgrades.

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This is the information, fred landers and his brother are interested in purchasing a house priced at $310,000.00. the play to put 30 percent down and finance the remaining amount through -- savings. -- savings has the following closing costs: credit report (100), appraisal report (250), title insurance (190), survey and photographs (275), recording fees (70), and legal fees (280). now the most important question : if the loan is approved, how much cash will fred and his brother need to secure the loan, including the down payment? so should i add all the cost, including the whole mortgage loan (310,000) and closing costs? or just the closing costs and down payment? thank you very much!

closing costs + down payment

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This is the information, fred landers and his brother are interested in purchasing a house priced at $310,000.00. the play to put 30 percent down and finance the remaining amount through -- savings. -- savings has the following closing costs: credit report (100), appraisal report (250), title insurance (190), survey and photographs (275), recording fees (70), and legal fees (280). now the most important question : if the loan is approved, how much cash will fred and his brother need to secure the loan, including the down payment? so should i add all the cost, including the whole mortgage loan (310,000) and closing costs? or just the closing costs and down payment? thank you very much!

Let's think about this for a moment.... you go to the bank because you need to borrow money since all you got is the down payment and the extra money to pay for the fees.... you add up all the fees and the 30% down payment and that is the cash you need to secure the loan.

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Kim and dan bergholt are both government workers. they are considering purchasing a home in the washington d.c. area for about $280,000. they estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. their only debt consists of car loans requiring a monthly payment of $350. kim's gross income is $55,000/year and dan's is $38,000/year. they have saved about $60,000 in a money market fund on which they earned $5,840 last year. they plan to use most of this for a 20% down payment and closing costs. a lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. estimate the affordable mortgage and the affordable purchase price for the bergholts. suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? what future changes might present problems for the bergholts? the real estate agent tells the bergholts that if they don't care to purchase, they might consider renting. the rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. the bergholts believe that neither of them is likely to be transferred to another location within the next five years. after that, dan perceives that he might move out of government service into the private sector. assuming they remain in the same place for the next five years, the bergholts would like to know if it is better to buy or rent the home. they expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. they expect to earn an annual rate of 5% on the money market fund. all other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. after federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. estimate whether it is financially more attractive for the bergholts to rent or to purchase the home over a five-year holding period. (assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) suppose it turns out that they have to relocate after one year. which is the preferred alternative after one year? (interest payments over the first year would equal $17,852.)

Ask Clark Howard at www.clarkhoward.com that's his specialty.