7. Create an amortization schedule for only the first 6 months of owning your own home in #8. How much in principal has been "paid down" in total over the first 6 months? How much in interest have you paid in total over the first 6 months? Compare this to the last 6 months and discuss. How much in total payments will be made over the life of the loan?

8. How much does your monthly loan payment (P+I only ignore taxes and insurance) increase if you can get a 15year loan for 3.70%? How much in total payments will be made over the life of the loan?

$922.3856 is the monthly payment for this mortgage

Compare the answers in #7 and #8 above. Discuss what you think is the best choice and why.