Use the following information to answer the next two questions. You have recently borrowed $250,000 to purchase a $313,000 home at a rate of 3.25% annual interest.

First Question: If you obtain a 15 year mortgage, and make exactly the required payments every month, how much are your monthly payments? Round your answer to the nearest dollar.

Second Question: Just before closing the deal on your house, suppose you receive a raise of $1000 per month. You decide to allocate 50% of that raise each month toward paying off your mortgage early. If you stick to this plan for all of your required payments, how many years will it take you to pay off the house?