Real Estate Math
A 30-year fixed-rate mortgage in New York has a principal of $500,000 at 7% annual interest. Using a factor of $6.65 per $1,000 borrowed (approximate monthly payment factor for 7%, 30-year loan), what is the approximate monthly PITI before taxes and insurance?
A$2,650
B$3,325✓ Correct
C$3,880
D$4,000
Explanation
Monthly principal and interest = ($500,000 / $1,000) x $6.65 = 500 x $6.
Related New York Real Estate Math Questions
- If a property owner pays $9,000 in annual property taxes and the assessment ratio is 45%, and the tax rate is $20 per $1,000, what is the market value?
- A New York property has an assessed value of $350,000. The mill rate is 22 mills ($22 per $1,000 of assessed value). What is the annual tax?
- A property's market value is $480,000. The assessed value is 60% of market value. The mill rate is 22 mills. What is the annual property tax?
- If a buyer's loan has a beginning balance of $200,000 and the first monthly payment is $1,200, of which $933 is interest, how much does the balance decrease?
- A Westchester County home sold for $920,000. New York State transfer tax at $2 per $500 equals how much tax?
- A Long Island buyer puts 20% down on a $750,000 home. What is the mortgage loan amount?
- A $275,000 property in Albany is assessed at 80% of value for tax purposes. If the tax rate is $22 per $1,000 of assessed value, the annual tax is:
- A New York real estate investment generates annual rent of $48,000 and is purchased for $600,000. What is the Gross Rent Multiplier (GRM)?
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →