Mortgage Test Review

This the type of mortgage which the rate of interest may escalate or deescalate during the time of the loan is called.

This is the type of mortgage where the home buyer makes small payments at the beginning of the loan and larger payments at the end.

This is the type of mortgage in which the rate of interest remains the same during the time of the loan.

You purchase a home for $212,000 and had to put down 10% of the price of the home as a down payment. What is the principal of the loan?

You take out a 30 year loan and you are setting up your monthly loan equation. What is the value that you will enter for N?

Your mortgage has an interest rate of 3.15%. What will your value of R be in the monthly mortgage equation?

You purchase a house for $181,000 dollars and take out a 15 year mortgage with an interest rate of 2.65%. What did I do wrong when setting up my equation?

Select the three options that represent ways that you can save money on a 30 year mortgage.

Use an online mortgage calculator to find the monthly mortgage payment on a house that is listed at $324,000. Your mortgage is for 30 years with an interest rate of 3.15%. Your down payment is 9%.

Use an online mortgage calculator to find the monthly mortgage payment on a house that is listed at $117,000. Your mortgage is for 15 years with an interest rate of 4.25%. Your down payment is 10%.

You take out a 30 year mortgage on a house that is listed at $229,000. Your monthly payment on your mortgage of $1,529. Your down payment was 7%. Calculate the total interest paid.

Your are charged $1,350 a year for home owners insurance. Calculate your monthly insurance payment.

Your monthly mortgage payment is $1,174. Your yearly taxes on the house amount to $1,054 and your homeowners insurance costs you $765 a year. Calculate your PITI.