by BlastRoom
What is in the monthly payment, what PMI is for, and what you pay on the day you get the keys.
#us_hs_personal_finance

30 questions
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Use the payment breakdown. Which pair is commonly collected through escrow?

In the payment breakdown, which component reduces the amount Jordan still owes on the mortgage?

In the payment breakdown, which component pays charges assessed on the home by local government?

A home costs $240,000 and Maya pays $48,000 up front. What mortgage term names the $192,000 she borrows?
What is the main function of an escrow account in a mortgage payment?
What does the interest portion of a mortgage payment pay for?
What is the total monthly mortgage payment shown?

What is the total monthly payment shown, including all listed components?

What total amount must the borrower pay each month in this example?

Find the full monthly payment, not just principal and interest.

What is the monthly total for this mortgage payment?

How much is due each month after including PMI?

What is the complete monthly payment in the table?

Use the closing-cost table. What is the total of these closing costs?

Calculate the closing-cost total shown in the table.

What total should replace the blank in the closing-cost list?

Find the total closing costs before the buyer gets the keys.

What is the total amount of the fees listed at closing?

Which total belongs in the blank cell?

A $200,000 home purchase has a $10,000 down payment and a $55 PMI charge. What is PMI intended to protect?
A loan summary includes a monthly PMI charge. Who normally pays that charge as part of the mortgage payment?
A mortgage disclosure lists PMI. What does PMI stand for?
A buyer made a small down payment on a conventional loan, so the lender added PMI. When can the borrower generally ask the lender to cancel PMI?
Use the cash-at-closing table. How much cash must the buyer bring on closing day?

A $250,000 home has a lender rule requiring PMI below a 20% down payment. A buyer raises the down payment from $12,500 to $50,000. What happens?
A $180,000 home purchase includes a $36,000 down payment. How much will the buyer borrow before any closing costs?
For the same-priced home, a buyer increases the down payment from 5% to 15%. How does the buyer's initial equity change?
Use the comparison table. Which term has the lower monthly principal-and-interest payment?

Two mortgages have the same principal and interest rate, but one lasts 15 years and one lasts 30 years. Which statement is true?
For the same loan, the 15-year payment is $1,150 per month and the 30-year payment is $900 per month. How much more is the 15-year monthly payment?
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Comparison Shopping and Unit Price
25 questions