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Mathematics · Studypool

MM 150 PGU Comparing Mortage Options

Overview

1 initial response and 1 response to: I have found a house that I would like to purchase in my little town in Northwest Indiana.

  • Total cost – $428,000
  • 20% down payment - $85,600
  • 7.12% fixed interest
  • Monthly payment $2,305.66
  • Total interest paid $830,037.60 – $342,400 = $487,637.60

This is very eye opening to see how much actual interest is being paid over the course of 30 years.

https://www.realtor.com/realestateandhomes-detail/139-Rillstone-Dr_Kouts_IN_46347_M47249-81268

https://www.bankrate.com/mortgages/30-year-mortgage-rates/?mortgageType=Purchase&partnerId=br3&pid=br3&pointsChanged=false&purchaseDownPayment=85760&purchaseLoanTerms=30yr&purchasePoints=All&purchasePrice=428800&purchasePropertyType=SingleFamily&purchasePropertyUse=PrimaryResidence&searchChanged=false&ttcid&userCreditScore=780&userDebtToIncomeRatio=0&userFha=false&userVeteranStatus=NoMilitaryService&zipCode=47946