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You want to buy a $253,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.5%
You want to buy a $253,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.5% interest for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be? $ c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be? $ e) How much money in interest will you save if you finance for 15 years instead of 30 years
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