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Purchasing a House: the are ready to purchase their first home ir . They contracted with a seller where the final price on the home is $286,950. Calculate the following and make your recommendations: New Home purchases: $286,950 (final cost) New Home Financing - Conventional 7% down Term in Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI (0.75% paid for 1/3 of the loan) Total PMI Paid Total Interest and PMI paid Total Payments Total Cost New Home Financing - Conventional 20% down Term Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI Total PMI Paid Total Interest and PMI paid Total Payments Total Cost 15 7% 4.375% Monthly Payment (with MIP) Total Interest Paid Monthly MIP (1% paid for all of the loan) Total MIP Paid Total Interest and MIP paid Total Payments Total Cost 15 20% 4.25% New Home Financing - FHA 3.5% down Term in Years 15 Down Payment 3.5% APR (including fees) 4.50% Monthly Payment (without MIP) 30 7% 5.25% 30 20% 5.00% 30 3.5% 5.75% House Questions: Given their house savings balance and their current house savings rate assuming 2% interest rate compounded monthly, how many months (round up) will it take the to save for the 20% down payment? Which loan costs the most? Which is the least costly? Which loan has the lowest payment? Which do you recommend? Is there anything else they might want to save cash for that goes along with buying a new house? Purchasing a House: the are ready to purchase their first home ir . They contracted with a seller where the final price on the home is $286,950. Calculate the following and make your recommendations: New Home purchases: $286,950 (final cost) New Home Financing - Conventional 7% down Term in Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI (0.75% paid for 1/3 of the loan) Total PMI Paid Total Interest and PMI paid Total Payments Total Cost New Home Financing - Conventional 20% down Term Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI Total PMI Paid Total Interest and PMI paid Total Payments Total Cost 15 7% 4.375% Monthly Payment (with MIP) Total Interest Paid Monthly MIP (1% paid for all of the loan) Total MIP Paid Total Interest and MIP paid Total Payments Total Cost 15 20% 4.25% New Home Financing - FHA 3.5% down Term in Years 15 Down Payment 3.5% APR (including fees) 4.50% Monthly Payment (without MIP) 30 7% 5.25% 30 20% 5.00% 30 3.5% 5.75% House Questions: Given their house savings balance and their current house savings rate assuming 2% interest rate compounded monthly, how many months (round up) will it take the to save for the 20% down payment? Which loan costs the most? Which is the least costly? Which loan has the lowest payment? Which do you recommend? Is there anything else they might want to save cash for that goes along with buying a new house