# A 30-year mortgage at 3.35% or a 15-year mortgage at 3.65%. You must borrow $170,000. Use the

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## Question:

State each monthly payment. Which loan has the lowest monthly payment?

State the total interest paid over the life of the loan for each loan. Which loan has you repaying the most money?

Which loan would you choose and why?

For the loan you selected in part 3, add an extra $25 a month payment on the mortgage calculator. How much total interest is saved? How many months early will you pay off the mortgage?

For the loan you selected in part 3, you can afford a $10,000 down payment. What is your new monthly payment? How much total interest would be saved by making a down payment?

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## Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill