Real Estate Math
A Hawaii buyer needs to make a 20% down payment on a $575,000 purchase. They currently have $90,000 saved. How much more do they need?
AA. $25,000✓ Correct
BB. $22,500
CC. $25,000
DD. $23,000
Explanation
Required down payment = $575,000 × 0.20 = $115,000.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe 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.
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