-According to Zillow, the median home price in New Jersey last year was approximately $450,000. To qualify for the best mortgage rates, you will need to make a 20% down payment. How much will you need to have saved to buy a $450,000 house in New Jersey?

-The current interest rate for a 30-year mortgage is 6.25%. Assuming you put 20% down, how much will you pay per month for a 30-year mortgage?

-How much will you pay in interest over the life of the loan?

-After 5 years, how much will you still owe on your mortgage?

-After 5 years, suppose interest rates have dropped. You can now refinance your mortgage. When you refinance your mortgage, you pay off the original mortgage and take out a new mortgage. This new mortgage will likely have a different rate but will restart the term. Suppose you can refinance into a 15-year mortgage at 4.00%. What will be your new monthly payment?

-After 5 more years, how much will you owe on your mortgage?

-At this time, you decide you will pay an extra $250 per month to pay down your mortgage even faster. How much quicker will you be able to pay off your mortgage?

-What did you learn from this assignment?