You are applying for an 80/20 mortgage to buy a house costing $175,000.

Question

You are applying for an 80/20 mortgage to buy a house costing $175,000. The first (80%) mortgage has an interset rate of 4.75%, and the second (20%) mortgage has an interest rate of 7.525%. Both the first mortgage and the second mortgage are 30-year fixed-rate mortgages. What will the total amount of the mortgage be?

A.$351,226.80
B.$340,521.93
C.$321,948.90
D.$304,986.23

Answer 1

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80%: $262,910.26

20%: $88,316.83