- The price of a home is $130,000. The bank requires a 15% down payment The buyer is offered two mortgage options. 15-year foxed at 9.5 % or 30-year fixed at 9 5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option? Use the following formula to determine the regular payment amount PMT= -nt 1- 1 + Find the monthly payment for the 15-year option (Round to the nearest dollar as needed.) Find the monthly payment for the 30-year option S (Round to the nearest dollar as needed.) Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option? (Use the answers from parts 1 and 2 to find this answer.)