Mortgage Practice

Joe wants to get a mortgage. The monthly payment is $794. How much will he have paid at the end of the loan term, if he gets a 25 year mortgage?

• $188,200

• $238,200

• $150,794

Tags

CCSS.HSF.BF.A.2

The Lawrence's consider purchasing a new home for $224,000. A 10 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

• $20,160.00

• $22,400

• $201,600

Tags

CCSS.6.RP.A.3C

You want to buy a house that is valued at $215,000. You are putting 15% down. What is the down payment? What is the loan amount?

• $15; $214985

• $3225; $211,775

• $32,250; $182,750

Tags

CCSS.6.RP.A.3C

Ryan pays $906.15 each month on a 15 year mortgage. How much will he pay at the end of the term?

• $163,107

• $13592.25

• $203,883.75

Tags

CCSS.HSF.BF.A.2

Monthly payment is made up of the prinicpal and the interest.

• True

• False

Mortgages with shorter terms have higher monthly payments. Why would anyone want a short-term mortgages?

• You pay less in principal in total

• You pay less interest in total

• You pay less in property taxes in total

• You pay less in insurance and processing fees

You are getting a mortgage of $90,000 at 5.5% (per $1,000) for 30 years. What is your monthly mortgage payment?

• $511.20

• $4,950

• $412.50

• $148.50