The purchase of a home and the associated mortgage loan is one of the largest financial decisions that most people make in life. The standard mortgage loan is a fixed rate for $30$ years with other options available such as a $15$ year fixed rate mortgage, variable rate mortgages. To show the financial differences between a $30$ and $15$ year fixed rate mortgage, search for a mortgage calculator and use the following information and answer the questions.

Select the monthly "Amortization schedule" for monthly amounts.

Submit through D$2$L Assignments.

Purchase price $$400,000$

Down payment$-20\%,$$$80,000$

Mortgage loan $$320,000$

Loan term$/$rate$-$first calculation: $30$ years $\frac{?}{7}\%$

Loan term$/$rate$-$second calculation: $15$ years $\frac{?}{6}\%$