Real Estate Math
A Utah buyer takes a $320,000 loan at 6.5% for 30 years. Using a monthly factor of $6.32 per $1,000, what is the approximate monthly P&I payment?
A$2,022.40✓ Correct
B$1,866.67
C$2,144.00
D$1,600.00
Explanation
Monthly P&I = ($320,000 ÷ $1,000) × $6.32 = 320 × $6.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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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