Compare and contrast, using numerical evidence, the pros and cons of 15-year and 30-year mortgages. Also examine the benefits of making extra payments towards the principal. * the 15-year mortgage payment to the 30-year mortgage payment, * the 15-year mortgage interest to the 30-year mortgage interest, * the 15-year mortgage to the 30-year mortgage with an extra payment, and * Discuss other factors that should be considered when buying a house.

Quantitative Reasoning Buying a House Project You can pay your loan off faster if you make additional payments to the principal. Use the Early Mortgage Payoff Calculator to see how much you can save. For the 30-year loan, suppose you paid an additional $100 a month towards the principal: 1. New Monthly Payment (monthly payment + 100): $_ 2. Interest savings $_. All photos 3. The $100 monthly extra payment would pay off the mortgage in _ years. Yennifer Acero | LPT REALTY 4. That is _ - years sooner than paying only the scheduled payments. . For sale $399,900 3 2 1,420 10640 Sun Villa Blvd, Orlando, FL 32817 beds baths sqft Quantitative Reasoning Buying a House Project Complete the table below Quantitative Reasoning 30 Year Mortgage Buying a House Project Numbent Payment Amount ($) Paid ( $ ) Paid ( $ ) Balance ( $ ) Select a house from a realtor.com, Zillow.com, newspaper, or another website. Find something chosen house and attach it to this project. Assume that you will pay the asking price for your house . The listed selling price is 60 The amount of the mortgage borrowed (or principal) is found by taking the selling price and ubtracting the down payment. That borrowed amount is _ 90 Google: "average mortgage rates today" 210 Fill in the loan amount, down payment, state, etc. 300 Use the resulting rates for the next step . 360 Total Use the table above to fill in the blanks below Payment number _ interest paid. _ is the first payment in which the principal paid is greater than the o to the Calculator in the Discussion 2. The Total Interest paid over the life of the loan is $_ ear and 30-year terms) and Interest Rate (do this $ 20 800 Make a note of the Total Interest Paid, Total 3. The original amount borrowed was $_ Then Click "View Amortization". Press "Print Quantitative Reasoning when you submit the assignment. Buying a House Project Scroll down to the amortization table and fill in Complete the table bel 1. How much was the Overall Cost of home? (interest + amount borrowed + down payment): the requested information on the next page. 15 Year Mortgage Payment Payment Amount (s) paid (s) Padis Balance (S ) 5 . The total interest paid was _ _% of the Overall Cost of the home. 120 150 180 Total Use the table above to fill in the blanks below. . Payment number interest paid. 2. The Total Interest paid over the life of the loan is $_ 3. The original amount borrowed was $_ 4. How much was the Overall Cost of home? (interes 5. The total interest paid was _ .* of the Overall Cost of the home