Real Estate Math
A 30-year Virginia mortgage of $200,000 at 5% has a monthly P&I payment of approximately $1,073. After the first year, approximately how much principal has been paid?
A$240✓ Correct
B$3,100
C$3,600
D$4,200
Explanation
In the first year of a 5% 30-year mortgage, most of each payment is interest. Annual payments = 12 × $1,073 = $12,876.
Related Virginia Real Estate Math Questions
- A Virginia property tax bill is $4,200 per year. If the assessment rate is $1.05 per $100 of assessed value and the property is assessed at 100% of value, what is the assessed value?
- A Virginia property's assessed value is $380,000. The locality's assessment ratio is 100% of market value. If the tax rate is $0.98 per $100 of assessed value, what are the annual taxes?
- A Virginia buyer finances $320,000 at 5.5% for 30 years. The monthly payment (P&I only) is approximately $1,817. How much total interest is paid over the life of the loan?
- A Virginia property manager charges 8% of collected rents. The property collects $12,500 per month. What is the annual management fee?
- A Virginia transaction has these costs: appraisal $550, title search $400, settlement fee $750, recording fees $150. Total closing costs for these items are:
- In Virginia, the Grantor's Tax on a $600,000 sale is $0.50 per $500. What does the seller pay?
- A Virginia leased property generates $5,000/month in rent. The NNN expenses are $1,500/month. What is the annual NOI?
- A Virginia property costs $475,000. A buyer makes a 15% down payment. If PMI is required at 0.6% of the loan, what is the annual PMI cost?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →