If Bryce wanted to get his monthly payments down to $2,500 or slightly under, his rate will be 0.5%
- Cost of dream home = $550,000
- Rate = 4.26%
Down payment = 4.26% of $550,000
= 0.0426 × 550,000
= $23,430
Cost remaining = $550,000 - $23,430
= $526,570
30 years = 12 × 30
= 360 months
Cost per month = $526,570/360
= $1462.7
if he wanted to get his monthly payments down to $2,500 or slightly under
The down payment should be 0.5%
0.5% × $550,000
= $275
Monthly payment = $549,725/ 360
= $1527
What is down payment?
Down payment with regard to buying a house is a part of the purchase price paid in cash. It is a non-refundable fee.
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