Home Loan Project In the newspaper or on a real-estate web-site pick a home you would like to purchase. Print/copy the listing in your final report. Determine how much cash you will need if you plan to put 20% down (don't forget about closing costs). Next, find a loan for the house, using a site such as uccu.com which enables you to look at different interest rate/closing cost scenarios. Pick two possible loan scenarios, determine which is a better fit for you, and explain why. Determine the total amount of interest you'll pay over the life of the loan as well as the amount of interest you'll pay in your first payment. Using the rule of 30% of your income for mortgage payments, determine the monthly income you'd need to purchase this home. Finally, if you were to pay an extra $100/month, tell me how much that would shorten the life of your loan and reduce your total interest paid. Type up your report containing all of the relevant information, and also attach any supporting documentation, such as the real estate listing. Tell me what you learned, and if/how this exercise has shaped your thoughts about purchasing a home. Home Loan Project In the newspaper or on a real-estate web-site pick a home you would like to purchase. Print/copy the listing in your final report. Determine how much cash you will need if you plan to put 20% down (don't forget about closing costs). Next, find a loan for the house, using a site such as uccu.com which enables you to look at different interest rate/closing cost scenarios. Pick two possible loan scenarios, determine which is a better fit for you, and explain why. Determine the total amount of interest you'll pay over the life of the loan as well as the amount of interest you'll pay in your first payment. Using the rule of 30% of your income for mortgage payments, determine the monthly income you'd need to purchase this home. Finally, if you were to pay an extra $100/month, tell me how much that would shorten the life of your loan and reduce your total interest paid. Type up your report containing all of the relevant information, and also attach any supporting documentation, such as the real estate listing. Tell me what you learned, and if/how this exercise has shaped your thoughts about purchasing a home