Thank you for visiting If you purchase a house worth 125 000 and make a 10 down payment how much would one mortgage point cost at closing a 125. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
One mortgage point would cost 1% of the loan amount after the down payment. For a $125,000 house with a 10% down payment, that loan amount is $112,500, making one mortgage point cost $1,250. The correct option is B.
If you purchase a house worth $125,000 and make a 10% down payment, the down payment would be $12,500 (10% of $125,000). A mortgage point typically costs 1% of the loan amount. After a 10% down payment, the loan amount will be $112,500 (which is $125,000 - $12,500). Therefore, one mortgage point would cost 1% of $112,500, which is $1,125.
So the cost of one mortgage point at closing would be b) $1,250.
This calculation is a common aspect of understanding the home-buying process and particularly the financing that comes with purchasing a property. The correct option is B
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