Questions: What is the total mortgage for a 140,000 purchase, a 20% down payment, and the closing costs shown in the table? Credit Report - 600.00 Loan origination fee - 1% Attorney and notary - 400.00 Documentation stamp - 0.50% Processing Fee - 200.00 [?]

What is the total mortgage for a 140,000 purchase, a 20% down payment, and the closing costs shown in the table? Credit Report - 600.00 Loan origination fee - 1% Attorney and notary - 400.00 Documentation stamp - 0.50% Processing Fee - 200.00 [?]
Transcript text: What is the total mortgage for a $\$ 140,000$ purchase, a 20\% down payment, and the closing costs shown in the table? \begin{tabular}{|l|r|} \hline Credit Report & $\$ 600.00$ \\ \hline Loan origination fee & $1 \%$ \\ \hline Attorney and notary & $\$ 400.00$ \\ \hline Documentation stamp & $0.50 \%$ \\ \hline Processing Fee & $\$ 200.00$ \\ \hline \end{tabular} $\$[?]$
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Solution

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Solution Steps

Step 1: Calculate Down Payment

The down payment is calculated as 20% of the purchase price.

Down Payment = Purchase Price * (Down Payment Percentage / 100)

Down Payment = $140000 * (20 / 100) = $28000

Step 2: Calculate Loan Amount

The initial loan amount is the purchase price minus the down payment.

Loan Amount = Purchase Price - Down Payment

Loan Amount = $140000 - $28000 = $112000

Step 3: Calculate Percentage-based Closing Costs

Percentage-based closing costs are calculated on the initial loan amount.

Percentage-based Closing Costs = Loan Amount * (Percentage-based Closing Costs / 100)

Percentage-based Closing Costs = $112000 * (1.5 / 100) = $1680

Step 4: Calculate Total Closing Costs

Total closing costs are the sum of fixed and percentage-based closing costs.

Total Closing Costs = Fixed Closing Costs + Percentage-based Closing Costs

Total Closing Costs = $1200 + $1680 = $2880

Step 5: Calculate Total Mortgage

The total mortgage is the sum of the initial loan amount and total closing costs.

Total Mortgage = Loan Amount + Total Closing Costs

Total Mortgage = $112000 + $2880 = $114880

Final Answer:

The total mortgage amount needed is $114880.

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