So I have this math essay i have to write yes a essay but i can handle the writing part its the actual equation i need help with. I have to put myself in the shoes of a realtor and it is my job to find the best house that best suits the needs based on there financial situation and the morgage calculations for each home then i have to explain how i came to this conclusion.
monthly gross income is 2,400
monthly financial obligations 542.00
payments due at closing
down payment 10% of listed price of house
inspection fee 430.00
title transfer 75.00
credit report 70.00
attorneys fees 425.00
points- 5 points
assume clients have been approved by bank for 30 year fixed rate mortgage at 6 1/2% interest, after 10% down payment dept to income ratio is 0.32
house 1 cost 68,400$ 1400 sq. ft. single family home 3 bed 1 bath
house 2 cost 81,650$ 1650 sq. ft. single family home 3 bed 2 bath
house 3 cost 95,700$ 1880 sq. ft. single family home 3 bed 2 and half bath
house 4 cost 109,900$ 2050 sq. ft. single family home 4 bed 2 bath
I need to know what home is best, monthly mortgage, interest rates for each home and so on.
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