Real Estate Math
A Hawaii buyer borrows $560,000 at 5% interest over 30 years. Estimated monthly payment (P&I only) using a factor of $5.37 per $1,000 is:
AA. $2,800
BB. $3,007✓ Correct
CC. $2,960
DD. $3,150
Explanation
$560,000 / $1,000 × $5.37 = $3,007.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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