To calculate the total mortgage for a [tex]$150,000 purchase with a 20% down payment and specific closing costs, we will follow these steps:
### Step 1: Calculate the Down Payment
A 20% down payment on the home price of $[/tex]150,000 is calculated as:
[tex]\[
\text{Down Payment} = 150,000 \times 0.20 = 30,000 \text{ dollars}
\][/tex]
### Step 2: Calculate the Loan Amount
The loan amount is the home price minus the down payment:
[tex]\[
\text{Loan Amount} = 150,000 - 30,000 = 120,000 \text{ dollars}
\][/tex]
### Step 3: Calculate Individual Closing Costs
We are given several closing costs in the table. Let's calculate each one:
1. Credit Report Cost:
[tex]\[
300.00 \text{ dollars}
\][/tex]
2. Loan Origination Fee:
[tex]\[
\text{Loan Origination Fee} = 150,000 \times 0.01 = 1,500 \text{ dollars}
\][/tex]
3. Attorney and Notary Cost:
[tex]\[
500.00 \text{ dollars}
\][/tex]
4. Documentation Stamp Cost:
[tex]\[
\text{Documentation Stamp Cost} = 150,000 \times 0.005 = 750 \text{ dollars}
\][/tex]
5. Processing Fee:
[tex]\[
400.00 \text{ dollars}
\][/tex]
### Step 4: Calculate the Total Closing Costs
Sum all the individual closing costs:
[tex]\[
\text{Total Closing Costs} = 300 + 1,500 + 500 + 750 + 400 = 3,450 \text{ dollars}
\][/tex]
### Step 5: Calculate the Total Mortgage
The total mortgage is the sum of the loan amount and the total closing costs:
[tex]\[
\text{Total Mortgage} = 120,000 + 3,450 = 123,450 \text{ dollars}
\][/tex]
### Summary
- Down Payment: [tex]$30,000
- Loan Amount: $[/tex]120,000
- Total Closing Costs: [tex]$3,450
- Total Mortgage: $[/tex]123,450
Thus, the total mortgage for the [tex]$150,000 purchase, after accounting for the 20% down payment and the specified closing costs, is $[/tex]123,450.
