Real Estate Math
A New Mexico property is sold. The buyer's closing costs total $9,200. This amount includes 1.5 points on the $280,000 loan. What other closing costs are there beyond the points?
A$4,000
B$4,700
C$5,000✓ Correct
D$5,200
Explanation
1.5 points on $280,000 = $280,000 × 0.015 = $4,200. Other closing costs = $9,200 - $4,200 = $5,000. The answer is $5,000.
Related New Mexico Real Estate Math Questions
- A New Mexico investor buys a duplex for $320,000. Each unit rents for $1,200/month. What is the annual gross rent multiplier (GRM)?
- A mortgage has a monthly payment of $1,450, including $950 interest and $500 principal. What is the outstanding loan balance if the next month's interest is $945.25?
- An investor in Albuquerque purchases a small office building for $850,000 with a 30% down payment. The building generates $6,500/month in net rent. What is the annual return on equity (cash-on-cash return)?
- A property's NOI is $48,000 per year. If the cap rate is 8%, what is the estimated value?
- A buyer in New Mexico puts $20,000 down and pays 1 origination point on a $200,000 loan. What is the total upfront cost excluding down payment?
- 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 buyer pays $2,800 in discount points on a $200,000 loan. How many points did the buyer pay?
- A New Mexico property is assessed at $180,000 with a tax rate of 23 mills. What is the annual property tax?
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 →