A $150,000 loan with $3000 in closing costs plus 1 point requires an advance payment of

advance-payment

#1

A $150,000 loan with $3000 in closing costs plus 1 point requires an advance payment of

Answer:

A point would be 1% of the total loan, so 1 point of a $150,000 loan would be $1,500. So a $150,000 loan with $3000 closing costs and an additional $1,500 would require $4,500 as an advance payment.