Owning or Renting a Home 6-1,6-2,6-3

The Principal of a mortgage loan is the .......

What is most important factor that determines the value of a home?

A down payment is a percentage of the total cost of a house paid at the time of purchase.

Who is responsible for establishing property tax rates?

Anna wants to buy a home priced at $67,000. She will need to make a down payment of 15% and estimates closing costs of 2.8% of the purchase price. What amount will Anna need for the down payment ?

Anna wants to buy a home priced at $67,000. She will need to make a down payment of 15% and estimates closing costs of 2.8% of the purchase price. What amount will Anna need for the closing cost?

Jason buys a condominium for $96,200. He makes a 5% down payment, and pays these closing costs: property survey, $315; insect inspection, $190; legal fees, $525; and title insurance,$225. What is the total cash amount(down payment +closing cost) needed to buy the condominium?

The Caverleys bought a home for $162,500. They made a 15% down payment and borrowed the rest on a 7.4%, 30-year fixed rate mortgage. How much was the principal amount of their home mortgage?

Alger and Stacy Walsh plan to buy the house they now rent. They expect to pay $14,400 in annual interest and $3,600 a year in property taxes. Other first-year expenses are: depreciation, $2,660; insurance, $780; maintenance and repairs, $2,800; lost interest income, $585; and utilities, $2,460. Estimated yearly tax savings are $5,040. What is the net cost of home ownership for the first year?