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Scenario#2 1. Now identify how big of a loan you will need. Most people take a loan out for 80% of the cost (20% goes towards the down payment). Find the mortgage you will need. Amount of the mortgage: 2. What is the interest rate for a 30-year fixed mortgage? 3. Calculate the estimated mortgage payment. 4. Prepare an amortization table for the loan 5. Calculate the total cost of the house if all mortgage payments were made monthly for the entire life of the mortgage? a. Total amount paid back to bank: b. Total cost of house with down payment: 6. Calculate the total amount of interest paid on the house after paying the 30-year mortgage? Show your calculation and result: Amount of interest paid