What is the listed price of the house?381,000

2. Mortgage lenders will want at least 20% of the price as a down payment.

What is your down payment?

3. What is the amount of money you need to finance to purchase the house?

4. Find you monthly mortgage payment. Research possible loans through an online financial resource ( i.e. Bankrate.com, lendingtree.com,...)

Length of loan: years

Rate for loan: %

Use the formula from class to determine. Show your work for the calculation. Monthly payment for loan:

Amount of Interest you will pay on the loan over the life of the loan:

If you housing costs should be approximately 25% (1/4) of your monthly income, how much will your monthly income need to be to afford the house described:

.

Create Amortization Schedule for the loan and attach one page of it with the project from an online amortization calculator.