Question: Your friends is planning to buy a studio apartment: www.11hoytbrooklyn.com FOR $710,000. Closing costs are estimated to be 5% of the purchase price (pls google what closing costs are when you buy an apartment and are not included in the loan). You need to add the closing costs to the loan amount to get the total purchase price. Mortgage payments will have two components principal and interest on the loan. Interest rate on the 15 year mortgage is 2.25% and on the 30 year mortgage is 3%. Your friends credit score is in the top 5% percentile. PLS GO TO THE WEBSITE https://streeteasy.com/building/11-hoyt also if you like so you can see the actual apartment details and price listed as of today which is not sold yet. THEY WANT TO TAKE A 15-year MORTGAGE and put in 20% down payment.

Show all related calculations to this situation. Is this a good investment or not? What advice should we give?

Will give a thumb up for good response, thanks so much!