# Buying a House.docx - Math 1030 Project 1 Name_Cami Klvacek...

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Math 1030 Project 1 Name ___________Cami Klvacek___________________ Buying a House The listed selling price is ____\$339,000________. Assume that you will make a down payment of 20%. The down payment is _____\$67,800_______. The amount of the mortgage is ___\$271,200_________. Ask at least two lending institutions for the interest rate for both a 15-year and a 30-year fixed rate mortgage. Name of first lending institution: ____America First Credit Union____. Rate for 15-year mortgage: _______3.375%_____. Rate for 30-year mortgage ______3.75%______. Name of second lending institution: ____Cyprus Credit Union____. Rate for 15-year mortgage: ______2.75%______. Rate for 30-year mortgage ______3.375%______. Assuming that the rates are the only difference between the different lending institutions, find the monthly payment at the better interest rate for each type of mortgage. 15-year monthly payment: _____\$1840.42_______. 30-year monthly payment _____\$1198.96_______. There are many programs online available for this including Brett Whissle’s website: . 15-year mortgage

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Payment Number Payment Date Payment Amount (\$) Interest Paid (\$) Principal Paid (\$) Remaining Balance (\$) 1. . 11/1/17 \$1840.42 \$621.50 \$1218.92 \$269,981.08 2. . 12/1/17 \$1840.42 \$618.71 \$1221.72 \$268,759.36 50. .
• Fall '17
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