Kevin Kolb is buying a $450,000 house. He is taking out a 30 year mortgage at an annual interest rate of 5.25%.

Because he doesnt have a lot of job security, the bank is requiring a 25% down payment. How much is his down payment?

The bank requires 2 points at closing, how much is this?

Determine Kevins monthly payment.

Determine the total interest paid over the life of the loan.

How much did Kevin pay for his house?