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You are borrowing $725,000 to purchase a home. The mortgage will have a 6.0% interest rate and will last for 25 years with monthly payments.
You are borrowing $725,000 to purchase a home. The mortgage will have a 6.0% interest rate and will last for 25 years with monthly payments. How much principal and interest will you pay in the first 5 years? ( 7.5 points each) How much interest will you pay over the next 18 years? ( 7.5 points) If you pay the loan off 3 years early, how much will you have to pay? ( 7.5 points)
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