Question
How much more are Scott and Jen paying in interest with no down payment, even though they bought a cheaper house? (Use the mortgage calculator.)
How much more are Scott and Jen paying in interest with no down payment, even though they bought a cheaper house? (Use the mortgage calculator.)
How much would Scott and Jen have for furniture if they bought the less expensive house and put 20% down on that? (Assume they have the original down payment from question #1 and the 6% interest rate.)
Down Payment |
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Loan Amount |
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Monthly Payment |
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Money for Furniture What is the total interest savings if they choose this option instead of the zero down at 6.5% interest? How much do Jen and Scott save in interest by taking a 15-year mortgage versus a 30-year mortgage if they borrow $124,000 at 6% interest? |
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