Suppose you have $300,000$ dollars saved up which you want to use as a downpayment for buying a house. You will use the same downpayment for any house that you purchase irrespective of the price. You have hired a real estate agent who is showing you houses priced at $$750,000$ and also at $$700,000.$ The interest rate offered to you by the bank is $5\mathrm{.}9\%.$ The bank has agreed to amortize your mortgage over $30$ years.

Use the Calculator from the link to answer the questions below: Loan Calculator $($investopedia$.$com$)$

$1.$ What is the monthly payment for a $$750,000$ house?

Fixed Monthly payments for each of the $30$ years are: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$2.$ If you decide to buy the cheaper $$700,000$ house how much would your monthly payments reduce per month?

Monthly payment for $$750,000$ house: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Monthly payment for $$700,000$ house: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Monthly Savings on the cheaper house: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$3.$ What is the total interest paid by you over $30$ years on the $$750,000$ house?

Total interest paid: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$4.$ Compared to the more expensive house what are your total interest savings over $30$ years if you decide to buy the cheaper home of $$700,000?$

Total interest paid for $$750,000$ home: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Total interest paid for $$700,000$ home: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Total interest Savings with a cheaper home: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$5.$ What is the total amount of money you saved in $30$ years by buying the cheaper house of $$700,000.$

Money saved over $30$ years: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6.$ What was the amount still owed by you to the bank at the end of $20$ years for the $$750,000$ house? Use $2023$ as the starting year.

Look at the Amortization Table at the row of $2043$ and look at end period balance still owing.

Its is : $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$7.$ In the last payment what was the amount of the $($a$)$ principal that you paid $($b$)$ interest that you paid and $($c$)$ total monthly payment.

Principal for the last year $2053$: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Interest for the last year $2053$: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Total payment for the last year $2053$: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$8.$ How many years did it take for the amount owing to reduce by $50\%$ of the original borrowed amount of $$450,000$ for the $$750,000$ house?

Look at owing balance in last column when it becomes half of $$450,000$ i$.$e$.$ $$225,000.$ Find out how many years and months it took for the balance owing to become the closest to $$225,000.$

It took $\_\_\_\_$years and $\_\_\_\_$months for balance owing to become $$\_\_\_\_\_\_$which is the closest ending balance to $$225,000\mathrm{.}00.$

$9.$ What was the total amount of money that you paid over $30$ years to purchase the $$750,000$ house? Out of this how much was the total interest that you paid?

Total amount paid from $2023$ to $2053$: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Total interest paid from $2023$ to $2053$: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$10.$ Over the $30$ years was the interest cost more than the borrowed amount and if so by how much?

Borrowed amount: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Interest Cost: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Interest exceeds the borrowed amount by: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$