for $30$ years @ $4\%$ interest compounded monthly

for $15$ years @ $3\mathrm{.}5\%$ interest compounded monthly

Determine how much the loan payment $($monthly principal and interest payment$)$ on your house would be if you financed it$.$

How much would you pay for the home over the length of the entire loan under each scenario?

What is the total amount of interest you will pay for the home?

A mortgage payment is made up of the loan payment as well as taxes and insurance payments. The taxes and insurance payments go into an account called an escrow account. Your mortgage company is then responsible for paying your taxes and insurance bills when they come due. If the amount for taxes and insurance is $8\%$ of the value of your home per year, how much would your mortgage payment be under each of the four scenarios?

$3.)$ Which option do you feel is best? Why? the house that was chosen is $400000$