Say that you purchase a house for $$302,000$ by getting a mortgage for $$265,000$ and paying a $$37,000$ down payment. If you get a $25-$year mortgage with an interest rate of $8$ percent, what are the monthly payments? What would the loan balance be in ten years? If the house appreciates at $4$ percent per year, what will be the value of the house in ten years? How much of this value is your equity?