Real Estate Math
A Delaware home sells for $375,000. The buyer puts 20% down and takes a 30-year mortgage. What is the loan amount?
A$275,000
B$300,000✓ Correct
C$310,000
D$280,000
Explanation
Down payment = $375,000 × 0.20 = $75,000. Loan amount = $375,000 − $75,000 = $300,000. To solve this, multiply the relevant values: $375,000 at 20%.. The correct answer is $300,000.. This is a common calculation on the Delaware real estate exam.
Related Delaware Real Estate Math Questions
- A Delaware commercial property sold for $2,400,000 with an NOI of $156,000. What is the cap rate?
- A Delaware property sold for 6% below the listed price of $310,000. What was the sale price?
- A buyer puts 20% down on a $375,000 home and finances the rest. What is the loan amount?
- A Delaware property has a gross operating income of $55,000 and an operating expense ratio of 45%. What is the net operating income?
- A property sells for $425,000. Delaware transfer tax is 4% of the sale price (split equally between buyer and seller). What is each party's transfer tax obligation?
- A buyer's monthly principal and interest payment is $1,450. Annual property taxes are $3,600 and homeowner's insurance is $1,200. What is the total monthly PITI payment?
- Closing is on September 15. Prepaid annual property taxes are $4,380 (paid January 1 for the full year). What is the seller's tax proration credit to the buyer? (Use 365-day year.)
- A Delaware property has a mortgage balance of $215,000 at 5% annual interest. What is the monthly interest charge?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →