Let's say you are planning to purchase a home as soon as your student loans are paid off in 6 years. After graduation, you plan to live in an apartment for $820 a month and your dream is to buy a home worth $215,000 in 6 years. Once your debt is paid off, you will combine your apartment payment with your former debt payment to pay for the mortgage. If you took a $3,200 loan at the beginning of each year at a 5.8% interest, how much debt do you have immediately after graduation (assuming you graduate in 4 years)? $14,766.81 What is your annual payment over the life of the student debt if you pay it off in 6 years? $2,984.17 You receive a bonus at work and decide to use all the money toward a 20% downpayment. How much do you have to take in loans after the downpayment? 12 What is the annual payment of a fixed 5.1% interest, 15 year mortgage