You will be using the internet find the price of 2 houses you would like to purchase. These houses should be one you could reasonably afford. Bases on the asking price you will finance 80% and determine the monthly payments for both a 15- and 30-year mortgage. The current mortgage rates you can also find on the internet. Based on your monthly payments you will also calculate the total amount paid back to the mortgage company and how much interest is paid on each loan. Based on the house location you will then find the property tax rate and determine the property tax for both properties. You will also find the average cost of homeowner’s insurance for that state. The cost of the property tax and insurance can then be divided by 12 and added to the monthly mortgage payments. You need to show how all numbers were calculated. You should do a side by side comparison for each property displaying the numbers for both the 15- and 30-year mortgage.

Answer rating: 100% (QA)

Down payments decrease the amount of interest paid over the life time of the loanlower the monthly p... View the full answer