Let's break down the solution step by step:
1. Calculate the Down Payment:
- The purchase price of the house is \[tex]$150,000.
- The down payment percentage is 20%.
- The down payment amount = 20% of \$[/tex]150,000 = 0.20 * \[tex]$150,000 = \$[/tex]30,000.
2. Calculate the Closing Costs:
- Credit Report: \[tex]$300.
- Loan Origination Fee:
- Loan origination fee percentage is 1%.
- Loan origination fee amount = 1% of \$[/tex]150,000 = 0.01 * \[tex]$150,000 = \$[/tex]1,500.
- Attorney and Notary: \[tex]$500.
- Documentation Stamp:
- Documentation stamp percentage is 0.50%.
- Documentation stamp amount = 0.50% of \$[/tex]150,000 = 0.005 * \[tex]$150,000 = \$[/tex]750.
- Processing Fee: \[tex]$400.
- Total Closing Costs:
- Total closing costs = Credit report + Loan origination fee + Attorney and notary + Documentation stamp + Processing fee
- Total closing costs = \$[/tex]300 + \[tex]$1,500 + \$[/tex]500 + \[tex]$750 + \$[/tex]400 = \[tex]$3,450.
3. Calculate the Total Mortgage Needed:
- The total mortgage needed is the purchase price minus the down payment plus the total closing costs.
- Total mortgage = Purchase price - Down payment + Total closing costs
- Total mortgage = \$[/tex]150,000 - \[tex]$30,000 + \$[/tex]3,450 = \[tex]$123,450.
Therefore, the total mortgage amount needed for a \$[/tex]150,000 purchase price, a 20% down payment, and the given closing costs is \$123,450.
