Say that you purchase a house for $$234,000$ by getting a mortgage for $$205,000$ and paying a down payment of $$29,000.$ If you get a $15-$year mortgage with an interest rate of $8$ percent, what are the monthly payments?

What would the loan balance be in five years?

If the house appreciates at $2$ percent per year, what will be the value of the house in five years?

How much of this value is your equity?