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Scenario B Home purchase price- $250,000 Mortgage amount-$200,000 Down payment- 20% Loan term- 30 years Interest rate- 4.5% First payment due November, 2021 Annual house
Scenario B
Home purchase price- $250,000
Mortgage amount-$200,000
Down payment- 20%
Loan term- 30 years
Interest rate- 4.5%
First payment due November, 2021
Annual house appreciation- 3%
Questions
- What is the monthly payment
- If no extra payments are made, how much will you owe after 10 years?
- If no extra payments are made, how much will you owe after 20 years?
- If you pay an extra $200 each month starting November, 2021, how much money will you save after 15 years?
- What is the estimated value of the house after 10 years (appreciation)?
- What is the estimated value of the house after 30 years (appreciation)?
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