The total mortgage for a $240,000 purchase, a 5% down payment, and the closing costs shown in the table is $232,100.
To calculate the total mortgage, we need to add the closing costs to the purchase price and subtract the down payment.
First, let's calculate the down payment. 5% of $240,000 is $12,000.
Next, let's calculate the closing costs:
Credit report: $400
Loan origination fee: 1% of $240,000 = $2,400
Attorney and notary: $500
Documentation stamp: 0.50% of $240,000 = $1,200
Processing fee: $600
The total closing costs is $400 + $2,400 + $500 + $1,200 + $600 = $4,100.
Finally, to calculate the total mortgage, we subtract the down payment and add the closing costs to the purchase price:
Total mortgage = $240,000 - $12,000 + $4,100 = $232,100
Therefore, the total mortgage for a $240,000 purchase, a 5% down payment, and the closing costs shown in the table is $232,100.
The probable question may be:
Closing Costs
Credit report $400.00
Loan origination fee 1%
Attorney and notary $500.00
Documentation stamp 0.50%
Processing fee $600.00
What is the total mortgage for a $240,000 purchase, a 5% down payment, and the closing costs shown in the table?
A. $235,080
B. $204,300
C. $232,920
D. $228,000