You are comparing 2 options for a home mortgage. The 1st option is a 15 yr. with a 3.75% annual rate, and the second option is a 30 yr. mortgage with a 4 % rate for a $500,000 loan. If you want your monthly payment under the 1st option(15 yr mortgage) to be the same payment as the monthly payment under the 2nd option (30 yr. mortgage) how much additional down payment will you need to put down under the 15 yr option?

Please use formulas not excel.