Search on google mortgage calculator, so you should observe something similar to the following after including taxes & fees:

Look at different percentages of down payment and see how they affect the cost of total monthly payment and private mortgage insurance. Also calculate how much would the household pay in total if holding the mortgage until maturity (Total monthly payment * Loan term * 12)

Look at different credit scores (with the initial values in the other variables) how this affects total monthly payment and how much the household would pay in total calculated as before.

Similarly, now testing for loan term of 15-year and 20-year fixed, also for different credit scores and states.

With all these results, which variables affect more the monthly payment and the total amount paid during the life of the mortgage? Can you explain why? (Look at how risks change based on these variables)

Grade will be based on the quality of the explanations.

Calculator Monthly payment Purchase budget Include taxes & fees Total monthly payment $ 1,654 Home price $ 300,000 Loan $ 1,253 Down payment $ 60,000 20% Taxes & fees $ 401 Loan term 30-yr fixed Interest 4.755% 0 State Credit score 700 - 719 Utah Property tax (yearly) $ 3,750 Home insurance (yearly) $ 1,050 Private mortgage insurance (monthly) $0 Homeowners association (monthly) $0 Disclaimer Feedback Calculator Monthly payment Purchase budget Include taxes & fees Total monthly payment $ 1,654 Home price $ 300,000 Loan $ 1,253 Down payment $ 60,000 20% Taxes & fees $ 401 Loan term 30-yr fixed Interest 4.755% 0 State Credit score 700 - 719 Utah Property tax (yearly) $ 3,750 Home insurance (yearly) $ 1,050 Private mortgage insurance (monthly) $0 Homeowners association (monthly) $0 Disclaimer Feedback