Mortgage Comparison

Instructions:
Read page 170. Use the information and the mortgage loan calculator at www.bankrate.com to
complete the table below. This will go in section 3.2 of portfolio.

Mortgage 1

Mortgage 2

Mortgage 3

Mortgage 4

Home Price

$175,000

$175,000

$175,000

$175,000

Down Payment %

20%

5%

20%

20%

Down Payment $

$35000

$8,750

$35,000

$35,000

Principal

$140,000

$166,250

$140,000

$140,000

Interest Rate

7%

7%

6%

20%

Term

30

30

30

15

Monthly Payment

$931.42

$1,104.40

$839.37

$1,181.40

Total Interest

195,312.46

$231,584.77

$162,173.46

$72,651.92

Closing Costs &

PMI

$4,200

$4,987+13,133

$5,000

$4,200

APR

7.295%

8.058%

6.331%

5.958%

Total Cost

$374,512.46

$425,053.54

342,173.46

$245,105.03