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A couple can obtain an 80%80\% loan to purchase a $380,500\$380,500 home and must pay a loan origination fee of 1.51.5 points and 2.252.25 discount points to obtain a 4%4\%, 3030-year loan, what amount of money will be required to pay the down payment, the origination fee and the required discount points?

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Q. A couple can obtain an 80%80\% loan to purchase a $380,500\$380,500 home and must pay a loan origination fee of 1.51.5 points and 2.252.25 discount points to obtain a 4%4\%, 3030-year loan, what amount of money will be required to pay the down payment, the origination fee and the required discount points?
  1. Calculate Down Payment: Calculate the down payment which is 20%20\% of the home price (100%−80%100\% - 80\% loan).\newline$380,500×0.20=$76,100\$380,500 \times 0.20 = \$76,100.
  2. Calculate Loan Amount: Calculate the loan amount which is 8080% of the home price.$380,500×0.80=$304,400.\$380,500 \times 0.80 = \$304,400.
  3. Calculate Origination Fee: Calculate the origination fee which is 1.51.5 points (1.5%1.5\% of the loan amount).\newline$304,400×0.015=$4,566.\$304,400 \times 0.015 = \$4,566.
  4. Calculate Discount Points: Calculate the discount points which is 2.252.25 points (2.25%2.25\% of the loan amount).\newline$304,400×0.0225=$6,849.\$304,400 \times 0.0225 = \$6,849.
  5. Calculate Total Amount: Add up the down payment, origination fee, and discount points to find the total amount required.$76,100+$4,566+$6,849=$87,515.\$76,100 + \$4,566 + \$6,849 = \$87,515.

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