Assume you purchase a home for $395,000.You find a bank that offers a 30-year mortgage with an APR of 4.65% but requires 20% down.You decide to finance your home through this bank.

30-year amortization schedule showing your monthly payments.Show how much interest you will pay for this home over the 30 years of payments to the bank.

Describe what change in your budget you and your spouse might make to find an additional $100 to make additional principle payments on your home.

second amortization schedule showing the new payment (include the extra $100 found in step #3).

Show how much faster you will pay off your mortgage, and how much interest you will have saved by making the $100 additional payment.