FreddieMac

Primary Mortgage Market Survey ${?}^{}$

U$.$S$.$ weekly average mortgage rates as of $10/05/2023$

You have just found the home you wish to purchase. The home will cost $$400,000.$ You have saved up $$20,000$ cash as the down payment and will need to take out a home mortgage loan for the remainder.

$1.$ What percentage of the purchase price will be a down payment?

$2.$ If you are to purchase this home, what would be the total monthly payment $($mortgage only $$ do not include the taxes or insurance yet$)$ using the $30-$year fixed rate mortgage from the Freddie Mac Data?

$3.$ If you only ever made the minimum payment on that $30-$year loan $($calculated in question #$2)$ how much total money would you pay for the home?

$4.$ If you are to purchase this home, what would be the total monthly payment $($mortgage only $$ do not include the taxes or insurance yet$)$ using the $15-$year fixed rate mortgage from the Freddie Mac Data?

$5.$ If you only ever made the minimum payment on that $30-$year loan $($calculated in question #$2)$ how much total money would you pay for the home?

$6.$ True or False: Even though the $30-$year mortgage results in a monthly payment that is about $$700$ less than the $15-$year option, it results in paying over $$300,000$ more for the home $($assuming you only ever make the minimum required payment$).$

$7.$ Now, assuming you have decided to go with the $30-$year mortgage payment, what would be your total monthly payment for this home if the property taxes for the home will be an additional $$3,600$ per year and the homeowner$$s insurance will be an additional $$1,200$ per year?