For each of the four different mortgages, determine, after...

This preview shows page 1 - 4 out of 8 pages.

Mary Lollini 10/22/2013 MTH108 House Project, Part IV Part IV: Comparing the Different Mortgages (35 pts) Carry forward the information from Part III to help you with this assignment. Purchase price of home:_119,900____ Loan 1: 30-year fixed mortgage with 20% down payment: Down payment:$ 23980 Monthly payment: $467.38 Closing costs: $2700 Loan 2: 15-year fixed mortgage with 10% down payment: Down payment: $11990 Monthly payment: $766.14 Closing costs: $2700 Loan 3: 30-year fixed mortgage with penalty: Down payment: $0 Monthly payment: $693.62 Closing costs: $2700 Loan 4: 15-year fixed mortgage with points : Down payment: $11990 1
Mary Lollini 10/22/2013 Monthly payment: $714.46 Closing costs: $7016.40 (closing cost + points) *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** 1. For each of the four different mortgages, determine, after the loan is paid off, how much you will have paid to the bank for your home including all costs.
b. Loan 2: 15-year fixed mortgage with 10% down payment.
2
Mary Lollini 10/22/2013 $252409.20 2700+693.62= 3393.62 693.62 x 360 =249703.20 + 2700 = $252409.20

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture