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  • Mortgagecomparison

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    The document compares four different mortgage options for a $175,000 home. It provides details like down payment percentage, interest rate, term, monthly payment, total interest paid, and closing costs. Mortgage 1 has a 20% down payment, 30-year term at 7% interest. Mortgage 2 has a 5% down payment, 30-year term at 7% interest. Mortgage 3 repeats the 20% down payment but with a lower interest rate of 6%. Mortgage 4 extends the loan to only 15 years at a lower interest rate of 5.5%.

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    mortgagecomparison

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    The document compares four different mortgage options for a $175,000 home. It provides details like down payment percentage, interest rate, term, monthly payment, total interest paid, and closing costs. Mortgage 1 has a 20% down payment, 30-year term at 7% interest. Mortgage 2 has a 5% down payment, 30-year term at 7% interest. Mortgage 3 repeats the 20% down payment but with a lower interest rate of 6%. Mortgage 4 extends the loan to only 15 years at a lower interest rate of 5.5%.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    43 views1 page

    Mortgagecomparison

    Uploaded by

    api-269968743
    The document compares four different mortgage options for a $175,000 home. It provides details like down payment percentage, interest rate, term, monthly payment, total interest paid, and closing costs. Mortgage 1 has a 20% down payment, 30-year term at 7% interest. Mortgage 2 has a 5% down payment, 30-year term at 7% interest. Mortgage 3 repeats the 20% down payment but with a lower interest rate of 6%. Mortgage 4 extends the loan to only 15 years at a lower interest rate of 5.5%.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    MortgageComparison

    Instructions:
    Readpage170.Usetheinformationandthemortgageloancalculatoratwww.bankrate.com
    tocompletethetablebelow.Thiswillgoinsection3.2ofportfolio.

    Mortgage1

    Mortgage2

    Mortgage3

    Mortgage4

    HomePrice

    $175,000

    175000

    175000

    175000

    DownPayment%

    20%

    5%

    20%

    20%

    DownPayment$

    350000

    8750

    35000

    35000

    Principal

    $140,000

    166250

    140000

    140000

    InterestRate

    7%

    7%

    60%

    5.5

    Term

    30

    30

    30

    15

    MonthlyPayment

    93142

    110607

    83937

    107099

    TotalInterest

    19531246

    23193354

    16217346

    5277831

    ClosingCosts&
    PMI

    $4,200

    4987+13,133

    5000

    4200

    APR

    7.295%

    8.058%

    6.331%

    5.958%

    TotalCost

    37451246

    193120

    16397346

    5559930

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