MTH108 House Project, Part III
Part III: Finding Mortgage Payments (35 pts.)
In this scenario, you cannot pay cash for your home (Refer to your answers in House Project,
Part II) and you will need to get a loan from a financial institution.
Research and find a current
interest rate for both a 30-year fixed mortgage and a 15-year fixed mortgage through your bank
or other source such as
Note: For all of House Project Part III, the calculated loans will not require a PMI payment.
Record the interest rate for each loan from the bank of your choosing (remember interest
rates are percentages):
Loan 1: 30-year fixed mortgage (2 pts.):___3.98%______
Loan 2: 15-year fixed mortgage (2 pts.):___3.15%______
Cite your source (1 pt.):
Zillow, I. (n.d.). Mortgage Rates - Current Mortgage Rates &
Home Loans. Retrieved January 25, 2017, from -