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Joy and John MacAllister have agreed to purchase a house

for $379,900. First National Savings & Loan is willing to

lend the money at 6. 5% for 25 years, provided the

MacAllisters can make a $79,900 down payment. The total

closing cost is 3. 5% of the amount of the mortgage. What is

the total closing cost?

Respuesta :

The total closing cost is 3. 5% of the amount of the mortgage. So, the total amount would be $10500.

What is down payment?

An initial payment made when something is bought on credit to make the down payment.

First National Savings & Loan is willing to lend them money at 6. 5% for 25 years, provided the MacAllister's can make a $79,900 down payment.

$379,900 - $79,900 =$300,000

because down payments are never included with the total mortgage loan.

The total closing cost is 3. 5% of the amount of the mortgage.

3.5 percent for closing costs

= [tex]3.5/100 \times 300000\\\\3.5 \times 3000\\\\10500[/tex]

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