Base scenario data: You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage.

4. Scenario #4: Assume that you plan to pay an extra $300 per month on top of your mortgage payment, calculate how long it will take you to pay off the loan given the higher payment. (Use interest rate of 3.99% AND the house cost and down payment of scenario #1). Calculate how much interest you will pay in total?

Answer on Excel spreadsheets.