Chapter 15 Reading, The Cost of HomeOwnership

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Business/Economics Mindmap am Chapter 15 Reading, The Cost of HomeOwnership, erstellt von Emily McIntosh am 07/07/2022.
Emily McIntosh
Mindmap von Emily McIntosh, aktualisiert more than 1 year ago
Emily McIntosh
Erstellt von Emily McIntosh vor etwa 2 Jahre
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Zusammenfassung der Ressource

Chapter 15 Reading, The Cost of HomeOwnership
  1. Types of Loans
    1. Fixed Rate (30 yr or 15 yr)
      1. Graduated payment mortgage (GPM)
        1. Adjustable rate mortgage (ARM)
          1. Home Equity Loan
            1. Interest-only mortgage
              1. bi-weekly mortgage
              2. Amortization
                1. Calculate by Table
                  1. Formula:(Amount of Mortgage/1000) X Table rate
                  2. PITI (Principal, Interest, Taxes, and Insurance)
                    1. Monthly Payment Breakdown
                    2. "Extra Costs"
                      1. Repairs & Maintenance
                        1. Closing Costs
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