Find a Real Estate ad for the house of your dreams. Assume you are going to make a 20% downpayment and finance the rest. Your bank is willing to give you a 30-year loan at the current APR. What would your monthly mortgage payment be? Your first payment pays off the part of the principal and the interest. Find the interest and the principal amounts for the first payment you make. By the time you pay off the house, how much will it have cost you?

Find a Real Estate ad for the house of your dreams. Assume you are going to make a 20% downpayment and finance the rest. Your bank is willing to give you a 30-year loan at the current APR. What would your monthly mortgage payment be? Your first payment pays off the part of the principal and the interest. Find the interest and the principal amounts for the first payment you make. By the time you pay off the house, how much will it have cost you