The amount of mortgage will be the remaining amount after they made a downpayment.
Since the downpayment is 30%, the mortgage will be 70% of the purchased amount
So mortage will be :
mortgage = 0.70 x $235,000 = $164,500
From the closing cost table :
There are charges related to the mortgage (Points, Document stamp and Processing fee)
Adding these charges will be :
=2% + 0.30% + 1.10% = 3.4% of the mortgage
So this will give us :
= 0.034 x $164,500 = $5,593
Now to find the total mortgage, add the values in the closing cost table including the mortgage itself.
Total mortgage = 164500 + 5,593 + 252 + 65 + 325 + 212 + 410 + 350 + 450
Answer :
Total mortgage = $172,157
