The total mortgage for a $260,000 purchase, a 15% down payment, and the closing costs shown in the table is $264,515.
Step-by-step explanation:
To calculate the total mortgage for a $260,000 purchase with a 15% down payment and the closing costs shown in the table, we need to add the down payment, the purchase price, and the closing costs.
First, calculate the down payment: 15% of $260,000 is $39,000.
Next, calculate the purchase price: $260,000 - $39,000 (down payment) = $221,000.
Finally, calculate the closing costs:
Credit report: $300.00
Loan origination fee: 1% of $221,000 = $2,210
Attorney and notary: $500.00
Documentation stamp: 0.50% of $221,000 = $1,105
Processing fee: $400.00
Total closing costs: $300 + $2,210 + $500 + $1,105 + $400 = $4,515
The total mortgage is the sum of the down payment, purchase price, and closing costs: $39,000 + $221,000 + $4,515 = $264,515.