Question 1 (1 point)
You are looking to purchase a new home. You are talking to a lender about a x% interest rate loan for 30 years that amortizes monthly.
What is your mortgage constant?
How to enter your answer? Let’s say your calculated answer is 0.02759. That is the same thing as 2.759% so you should enter 2.759 as your final answer. Decimals matter for cap rates, so don’t round this example to 2.8. You need to keep decimal places.
Question 1 options:
Question 2 (1 point)
In the previous question, you were asked to identify the mortgage constant. Explain here how you did this
Question 2 options:
Question 3 (1 point)
You are looking to purchase a home. You have agreed to a price and are now discussing loan terms with a lender. The mortgage amount is $500,000. If the loan constant is 5.643, how much is your monthly debt service?
Enter answer as a raw number. No commas or dollar signs.
Question 3 options:
Question 4 (2 points)
In the previous question, you were asked to calculate debt service using the mortgage constant. Explain here how you did this.
Question 4 options:
Question 5 (1 point)
You want to buy a house and wonder what you can afford. Banks look at collateral, creditworthiness and capacity (ability to pay) when making loans. Assume you have sufficient down payment and credit score. Your bank has a requirement of 28% housing expense ratio and your gross annual income is $65,000.
Based on those assumptions, how much can you afford to pay in total housing costs each month?
Question 5 options:
Question 6 (2 points)
In the previous question, you were asked to how much you can afford to spend in monthly housing costs. Explain here how you did this.
Question 6 options:
Question 7 (1 point)
You are looking to purchase a new home that is listed at $311,100. You intend to make an offer to buy this house at the full listed price. You have saved enough to make a 20% down payment, so the loan amount will be 80% of the purchase price. You are talking to a lender about a 3.8% interest rate loan for 30 years that amortizes monthly. What is your monthly debt service?
Note: use the mortgage constant chart to calculate debt service. Using the mortgage constant is required–you will not get credit if you calculate using any other method.
Question 7 options:
Question 8 (2 points)
What is the mortgage constant from the previous question? Show how you calculated debt service in the previous question.
Question 8 options:
Question 9 (1 point)
Now assume that property taxes are $2,400 per year and insurance is $60 per month. Based on these assumptions and the debt service amount you calculated in the previous question, what is your total monthly PITI?
Show your calculations below.
Question 9 options
Question 10 (3 points)
Based on what you can afford from question 5 and the PITI you calculated in question 9, will the bank make you this loan? Why or why not?
Please explain and show the math that led you to this conclusion.
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