Real Estate Math
A Nebraska buyer qualifies for a maximum monthly payment of $1,900 PITI. Monthly taxes are $350 and insurance is $120. The maximum principal and interest payment is:
A$1,430✓ Correct
B$1,900
C$1,550
D$1,780
Explanation
Maximum P&I = Maximum PITI − Taxes − Insurance = $1,900 − $350 − $120 = $1,430. Using the values given ($1,900, $350), apply the appropriate formula.. The correct answer is $1,430.. This is a common calculation on the Nebraska real estate exam.
Related Nebraska Real Estate Math Questions
- A buyer closes on September 15. Annual taxes of $4,200 have not been paid. Using 365 days, how many days does the seller owe the buyer for tax proration?
- A Nebraska property sold at auction for $187,500. The buyer paid a 10% buyer's premium. The total cost to the buyer was:
- A Nebraska home has a market value of $275,000 and is assessed at 90% for property tax purposes. The tax rate is 2.1%. Annual taxes are:
- A buyer obtains a $180,000 mortgage at 6.5% interest. What is the first month's interest payment?
- A seller net of $150,000 is required after a 6% commission and $4,500 in closing costs. What must the property sell for?
- A Nebraska investment property sold for $625,000. The investor's adjusted basis was $410,000. Long-term capital gains tax rate is 20%. The capital gains tax owed is:
- A sale closes on June 15. Annual property taxes are $5,400 paid in arrears. The seller owes taxes from January 1 through June 15. Using 30-day months (360-day year), the seller's tax proration credit to buyer is:
- A Nebraska investor purchases a property for $480,000 with 25% down and finances the balance at 6.5%. The annual interest on the mortgage in the first year is approximately:
Practice More Nebraska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nebraska Quiz →