Question

Ann is buying a house that costs $250,000. She is making a down payment of 15 percent, and her closing costs will amount to 3 percent. Over the life of her loan, she will pay $282,089.89 in monthly payments. What is the total cost of her house?

Answer 1

Down payment = 15% of $250,000 = 0.15 x 250000 = 37,500
closing costs = 3% of $250,000 = 0.03 x 250000 = 7,500
Monthly payments = $282,089.89

Total cost of the house is 37,500 + 7,500 + 282,089.89 = $327,089.89