Question

Create your own scenario of purchasing a home and include the mortgage amount. Solve for each calculation below and show your work. Calculate the documentary stamp tax on the mortgage if this fee in your state is $0.35 per $100 or portion thereof. Determine how many mortgage points will be purchased and calculate the cost. Determine the mortgage broker fee and calculate the cost.

Answer 1

The purchases cost for the new home is $ 300,000 out of which you can a down payment of $ 50,000 and the remaining amount you take a loan.

Explanation:

Answer 2

Zooey bought a home for $300,500. She is using a 25-year fixed-rate mortgage at 6.2%. She made a 10% down payment and financed the remaining amount using a 25-year fixed-rate mortgage at 6.2%. Zooey will pay for one discount point, and the brokerage fee of 7% of mortgage amount.

The documentary stamp tax is $1,051.75.

The cost for purchasing one point $3005.

The brokerage fee of 7% is $21035.