Summarize what you have done and learned on this project in a well written and typed paragraph

of at least 100 words (half page). Because this is a math project, you must compute and
compare numbers, both absolute and relative values. Statements such as “a lot more” and “a lot
less” do not have meaning in a Quantitative Reasoning class. Make the necessary computations
and compare

(1) the 15-year mortgage payment to the 30-year mortgage payment

(2) the 15-year mortgage interest to the 30-year mortgage interest

(3) the 15-year mortgage to the 30-year mortgage with an extra payment

Also, keep in mind that the numbers don’t explain everything. Comment on other factors that
must be considered with the numbers when making a mortgage.

This project has helped me understand the importance of comparing mortgages rates when

getting a loan. If I decide to take the 30-year mortgage instead of the 15-year mortgage, I free up

$485.21 a month. However, I would double the length of my mortgage. Also, the 30-year

mortgage has a higher annual interest rate. The interest paid on the 30-year mortgage is about

87% of the mortgage versus 33.05% when looking at the 15-year mortgage. However, if I add

$100 extra to my monthly payments on the 30-year mortgage, I could save $34,476.57 in interest

alone. The decision of which mortgage lender and rate we choose is circumstantial. If our needs

change, we have the option of refinancing. Although, that may increase our total cost. It is

necessary to do our research when making a big purchase.