$578,000

80% of the purchase price. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment using the factor table

Calculate the payment using the same 5%, but for a 15-year mortgage.

Real estate taxes amount to 1% of the sales price and the insurance premium is .5% of the sales price per year. Calculate the total monthly PITI payment.

Explain how much interest you would save over the life of the loan if you used the 15-year versus the 30-year loan. Show your calculations.

Annual interest rate Years financed 3.00% 3.25% 3.50% 3.75% 4.00% 10 9.66 9.77 9.89 10.01 10.12 12 8 .28 8.40 8.518.63 8.76 15 6.917.03 7.15 7.27 7.40 17 6.26 6.39 6.51 6.64 6.76 20 5.55 5.67 5.80 5.93 6.06 22 5.18 5.31 5.44 5.57 5.70 25 4.74 4.87 5.01 5.14 5.28 30 4.22 4.35 4.49 4.63 4.77 35 3.85 3.994.13 4.28 4.43 4.25% 4.50% 10.24 10.36 8.88 9.00 7.52 7.65 6.89 7.02 6.196 .33 5.84 5.97 5.42 5.56 4.92 5.07 4.58 4.73 4.75% 10.48 9.12 7.78 7.15 6.46 6.11 5.70 5.22 4.89 5.00% 5.25% 5,50% 5.75% 6,00% 6,25% 6,50% 6.75% 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 9.25 9.37 9.50 9.639.76 9.89 10.02 10.15 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 7.297.42 7.56 7.69 7.837.97 8.11 8.25 6.60 6.74 6.88 7.02 7.16 7.317.46 7.60 6.25 6.39 6.54 6.68 6.83 6.98 7.13 7.28 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 5.37 5.525.68 5.84 6.00 6.16 6.32 6.49 5.05 5.21 5.37 5.54 5.70 5.87 6.04 6.21