Rachel and Jared have $$20,000$ to put towards their new home. Their dream home is a beautiful $3$ bedroom and $2$ bath in Durham. It costs $$275,000.$ Jared is concerned about the monthly costs associated with the mortgage and about using all of their savings. Use this information to answer their questions.

Calculate how much they spend on the mortgage over the course of the loan. What is their total cost of the home? Be sure to include the down payment in the total cost.

$649,355\mathrm{.}60$

$698,715\mathrm{.}20$

$629,355\mathrm{.}60$

$678,715\mathrm{.}20$