Given a 40 year mortgage on a house valued at $500,000. Answer the following Show how you arrived to your answer and state assumptions used:

What is it maximum you can probably borrow and avoid paying the property and mortgage insurance fee?

If you instead pay an extra $500 per month with your base payment from (b.) how much will this reduce to total interest paid over the life of the loan, and how much time will it shave off the 40-yr term?