Say that you purchase a house for $254,000 by getting a mortgage for $225,000 and paying a $29,000 down payment. If you get a 25-year mortgage with an interest rate of 7 percent, what are the monthly payments? What would the loan balance be in ten years? If the house appreciates at 3 percent per year, what will be the value of the house in ten years? How much of this value is your equity?

Say that you purchase a house for $254,000 by getting a mortgage for $225,000 and paying a $29,000 down payment. If you get a 25 year mortgage with an interest rate of 7 percent, what are the monthly payments? What would the loan balance be in ten years? If the house appreciates at 3 percent per year, what will be the value of the house in ten years? How much of this value is your equity? Say that you purchase a house for $254,000 by getting a mortgage for $225,000 and paying a $29,000 down payment. If you get a 25 year mortgage with an interest rate of 7 percent, what are the monthly payments? What would the loan balance be in ten years? If the house appreciates at 3 percent per year, what will be the value of the house in ten years? How much of this value is your equity