Engle_House project IV - Kayla Engle January 31st 2017...

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Kayla Engle January 31 st , 2017 Baker College MTH 108
Part IV: Comparing the Different Mortgages (35 pts) In Part III, you calculated mortgage payments based on 15- or 30-year fixed mortgages. Now, you are going to look at other loan options and the total costs of purchasing a home. Carry forward the information from Part III to help you with this assignment. Purchase price of home: $139,900 Loan 1: 30-year fixed mortgage with 20% down payment: Down payment: $27,980 Monthly payment: $570.48 Closing costs: $30,680 Loan 2: 15-year fixed mortgage with 10% down payment: Down payment: $13,990 Monthly payment: $913.15 Closing costs: $16,690 Loan 3: 30-year fixed mortgage with penalty: Down payment: $27,980 Monthly payment: 843.36 Closing costs: 30,680 Loan 4: 15-year fixed mortgage with points : Down payment: 13,990 Monthly payment: 1,446.52 Closing costs: 16,690 Information that was carried from part III *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** 1. For each of the four different mortgages, determine, after the loan is paid off, how much you will have paid for your home including all costs.

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