$200,000 loan, with 20% down payment of $40,000; amount of loan $160,000 with 360 periods and using a 3.49% interest rate

• What was the overall amount of interest paid over the term of the loan? Please show work in excel.
• Change multiple variables (such as interest rate, down payment) and describe the impact of each.
• In your analysis, what variable played the biggest role on the total amount paid on the loan amount over the life of the mortgage? Be creative, you can even prepay throughout the life of the mortgage.
• After doing this exercise, would you be changing anything in your current mortgage or maybe future mortgage?