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MTH108 House Project, Part IV

Instructions: This is the fourth part of a course-long project. Show all work for each section. Any

paragraphs should be typed and written in complete sentences. Use Times New Roman, 12-point

font and double space. Cite any resource(s) you use ? click the course research guide for helpful

information on APA formatting.

Part IV: Comparing the Different Mortgages

In Part III, you calculated mortgage payments based on 15- or 30-year fixed mortgages.

Now, you are going to look at other loan options and the total costs of purchasing a home.

Carry forward the information from Part III to help you with this assignment.

Purchase price of home:_______________

Loan 1: 30-year fixed mortgage with 20% down payment:

?

Down payment: ____________

?

Monthly payment: __________

?

Closing costs: ______________

Loan 2: 15-year fixed mortgage with 10% down payment:

?

Down payment: ____________

?

Monthly payment: __________

?

Closing costs: _____________

Loan 3: 30-year fixed mortgage with penalty:

?

Down payment: ____________

?

Monthly payment: __________

?

Closing costs: ______________

Loan 4: 15-year fixed mortgage with points :

?

Down payment: ____________

?

Monthly payment: __________

?

Closing costs: _____________

*** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***

***

?

?

For each of the four different mortgages, determine, after the loan is paid off, how

much you will have paid for your home including all costs.

?

Loan 1: 30-year fixed mortgage with 20% down payment. Show your

work. :____________

?

Loan 2: 15-year fixed mortgage with 10% down payment. Show your

work.____________

?

Loan 3: 30-year fixed mortgage (with penalty). Show your

work____________

?

Loan 4: 15-year fixed mortgage (with points). Show your work.

____________

After the loan is paid off (your answers from question #1 above), calculate how much

of that total payment will have been interest (remember to refer to the initial cost of

?

Loan 1: 30-year fixed mortgage with 20% down payment. Show all

work.:

____________

?

Loan 2: 15-year fixed mortgage with 10% down payment Show all work:

____________

?

?

Loan 3: 30-year fixed mortgage (with penalty) Show all work:

____________

?

Loan 4: 15-year fixed mortgage (with points) Show all work.

____________

Comparing all four mortgages, address the following questions and thoroughly

?

What are the advantages of each mortgage? Be specific. Use your

Loan 1:

Loan 2:

Loan 3:

Loan 4 :

?

What are the disadvantages of each mortgage? Be specific. Use your

Loan 1:

Loan 2:

Loan 3:

Loan 4:

?

Which mortgage seems to make the most sense for you considering your

future salary (based on your answers for House Project, Part I)? Provide a

complete sentences.

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