The asking price is: $1,950,000

Down payments of 20% is $390,000

Loan Amount is $ 1,560,000

The interest rate is 2.90% as of September 24, 2020

The PMT frequency payment will be $6,493.19

After one year, $33,116.12 of principle would be paid

The overall amount of interest paid over the term of the 30-year loan would be $777,547.57

Address the following:

• Change multiple variables (such as interest rate, down payment) and describe the impact of each.
• In your analysis, what variable played the biggest role on the total amount paid on the loan amount over the life of the mortgage? Be creative, you can even prepay throughout the life of the mortgage.
• After doing this exercise, would you be changing anything in your current mortgage or maybe future mortgage?