MortgageComparison

Instructions:
Readpage170.Usetheinformationandthemortgageloancalculatoratwww.bankrate.com
tocompletethetablebelow.Thiswillgoinsection3.2ofportfolio.

Mortgage1

Mortgage2

Mortgage3

Mortgage4

HomePrice

$175,000

175,000

175,000

175,000

DownPayment%

20%

5%

20%

20%

DownPayment$

35,000

$8,750

$35,000

35,000

Principal

$140,000

$166,250

$140,000

35,000

InterestRate

7%

7%

1%

5.5%

Term

30

30

30

15

MonthlyPayment

$931.42

$933.54

$450.30

$1,143.92

TotalInterest

$195,312.46

$231,933.54

$22,106.32

$65,905.03

ClosingCosts&
PMI

$4,200

4,987

5,000

4,200

APR

7.295%

8.058%

6.331%

5.958%

TotalCost

$374,512.46

$411,920.54

$202,106.32

$245,105.03