Statistics- Mortgage Find a home that is for sale in your area
Question # 00139192
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Updated on: 11/23/2015 01:40 PM Due on: 12/23/2015
Mortgage
Find a home that is for sale in your area (purchase price must be at least $20,000). Include the link that will take the class to the webpage for the home.
- You will finance 80% of the purchase price. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment using the factor table from the textbook.
- Calculate the payment using the same 5%, but for a 15-year mortgage.
- Real estate taxes amount to 1% of the sales price and the insurance premium is .5% of the sales price per year. Calculate the total monthly PITI payment.
- Present your findings to your classmates and explain how much interest you would save over the life of the loan if you used the 15-year versus the 30-year loan. Show your calculations.
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Solution: Statistics- Mortgage Find a home that is for sale in your area