Real Estate Math
A New Mexico buyer purchases a home for $340,000 and puts 20% down. Their loan is for $272,000 at 6.75% for 30 years (monthly factor $6.49/$1,000). What is their monthly P&I?
A$1,765.28✓ Correct
B$1,883.28
C$2,009.28
D$1,700.00
Explanation
$272,000 / $1,000 × $6.49 = 272 × $6.49 = $1,765.28 monthly P&I. To solve this, multiply the relevant values: $340,000 and $272,000 at 20%.. The correct answer is $1,765.28.. This is a common calculation on the New Mexico real estate exam.
Related New Mexico Real Estate Math Questions
- A New Mexico residential property sold for $320,000. The buyer put 15% down. How much did the buyer borrow?
- A real estate license exam question: a parcel measures 1/4 mile by 1/4 mile. How many acres does it contain?
- A New Mexico home sells for $425,000. The seller pays a 6% commission. What is the total commission?
- A property is assessed at $180,000 and the tax rate is $14 per $1,000 of assessed value. What is the annual property tax?
- A New Mexico property sells for $475,000. The seller pays $285,000 on their loan at payoff. After a 5.5% commission and $7,500 in other closing costs, what are the seller's net proceeds?
- A New Mexico property was purchased for $225,000 and sold 4 years later for $280,000. What is the percentage appreciation?
- A New Mexico commercial property is valued at $1.2 million using an 8% cap rate. If the cap rate increases to 10%, what is the new estimated value?
- What is the monthly principal and interest payment on a $180,000 mortgage at 7.5% over 30 years? (Use factor of $6.99 per $1,000 borrowed)
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →