Consider the following scenario: Monica and Brian are ready to purchase their first house and have found their dream home, which is valued at $300,000. After extensive research, they have concluded that their credit union is the best lender for a mortgage to purchase the home. Their credit union offers them a 15-year fixed-rate mortgage of 4.4% with a 20% down payment.

For this discussion, your task is as follows: 1. Calculate the down payment, monthly payments, and total interest paid over 15 years for the credit union loan. 2. Create another mortgage option and discuss the advantages and disadvantages of your mortgage option in comparison to the one offered by the credit union.

Instructions

Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST, and respond to two or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answers a question (in detail) posted by another student or the instructor.

Note: The following are not examples of substantive contributions: Thanking a classmate. Agreeing with a classmate. Complimenting a classmate. Providing irrelevant commentary.

Always support your statements with logic and argument, citing any sources referenced. Post your initial response early and check back often to continue the discussion. Be sure to respond to your peers and instructors posts, as well.