All Financial. Planning Problems are available in MyFmanc V. Mortgage Payment. D

Question

All Financial. Planning Problems are available in MyFmanc V. Mortgage Payment. Dorothy and Matt are ready to purchase their first home. Their current monthly cash inflows are $4,900, and their current monthly cash outflows are $3,650. Their rent makes up $650 of their cash flows. They would like to put 10% of their cash inflows in savings and put another $200 in their checking account for emergencies. How much of a mortgage payment can they manage under these conditions? 2. Home Price Offer. Denise and Kenny are ready to make an offer on an 1,800-square-foot home that is priced at $135,000. They investigate other homes on lots of similar size and find the following information: A 2,400-square-foot home sold for $168,000. A 1,500-square-foot home sold for $106,500. A 1,100-square-foot home sold for $79,000. What offer should they make on the home? 3. Closing Costs. I c.rry 3nd Laurie have found a home and made middot $125,000 offer that has been accepted. They make a down payment of 10%. Their bank charges a loan origination fee of 1% of the loan and points of 1.5% (both are based on the loan amount). Other fees include a $25 loan application fee, a $250 appraisal fee, and $350 for title search and insurance. How much cash will Larry and Laurie need at closing?

Explanation / Answer

1.

127692

in flows 4900 10 % in savings account 4900*.1 -490 in checking account -200 expenses -3650 balance 560 savings of rent 650 mortgage payment 1210

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