The amount the borrower would deliver at closing is $21,974.75
What does 1.5 points mean for mortgage?
The 1.5 points refer to 1.5% of the loan amount, as a result, the total amount the borrower would have to deliver at closing is the down payment of 10%(100%-90%) plus 1.5% of the loan amount
loan amount=purchase price*90%
purchase price=$216,500
loan amount=$216,500*90%
loan amount=$194,850
down payment=purchase price-loan amount
down payment=$216,500-$194,850
down payment=$21,650
1.5% of down payment=1.5%*$21,650
1.5% of down payment=$324.75
total payment at closing=$21,650+$324.75
total payment at closing=$21,974.75
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