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Mortgage Comparison: Instructions
Mortgage Comparison: Instructions
Instructions:
Read page 170. Use the information and the mortgage loan calculator at www.bankrate.com to
complete the table below. This will go in section 3.2 of portfolio.
Mortgage 1
Mortgage 2
Mortgage 3
Mortgage 4
Home Price231,99
$175,000
$175,000
$175,000
$175,000
Down Payment %
20%
5%
6%
20%
Down Payment $
$35,000
$8,750
$10,500
$35,000
Principal
$140,000
$166,250
$164,500
$140,000
Interest Rate
7%
7%
6%
5.5%
Term
30
30
30
15
Monthly Payment
$931.42
$1,106.07
883.07
74.9
Total Interest
195312.46
$231,933.54
$153,405.77
$146,165.66
$4,200
$4,987
$13,133(PMI)
$5,000
$4,200
APR
7.295%
8.058%
6.331%
5.958%
Total Cost
$374,512.46
$425,053.54
$342,173.46
$245,105.03