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Substitute to solve a variety of mortgage formulas, including but not limited to Front End Ratio, Total Debt-to-Income Ratio, Loan-to-Value Ratio (LTV), Combined Loan-to-Value Ratio (CLTV), and Amount of Interest Paid Over the Life of a Loan.
Remarks
Example: Mr. Lindsey purchased a home for $129,000. It was appraised at $95,000. He was assuming a $52,000 first mortgage, and he obtained a 2nd mortgage for the lenders maximum CLTV of 90%. What would be the amount of the down payment? Example: Calculate the interest scheduled to be paid over the life of a $190,000 mortgage loan with a term of 30 years and fixed monthly payment of $1250.50.General Information
Subject Area: X-Mathematics (former standards - 2008)
Grade: 912
Body of Knowledge: Financial Literacy
Idea: Level 1: Recall
Standard: Loans and Financing - Become familiar with and describe the advantages and disadvantages of short-term purchases, long-term purchases, and mortgages.
Date Adopted or Revised: 09/07
Content Complexity Rating:
Level 1: Recall
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More Information
Date of Last Rating: 06/07
Status: State Board Approved - Archived
Related Access Points
Alternate version of this benchmark for students with significant cognitive disabilities.
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