Question

Ella funt is considering the purchase of a 165,000 house — putting $25,000 down financing the...

Ella funt is considering the purchase of a 165,000 house — putting $25,000 down financing the remainder at 6% for 30 years. if Ella were to pick a 6%, 15 year mortgage instead, how much in total interest cost savings would she realize

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are planning to purchase a house that costs $550,000, and you will use a 30-year...
You are planning to purchase a house that costs $550,000, and you will use a 30-year mortgage. You want to determine whether or not you should save some of your money and put only 10% down on your house. Because you are only putting 10% down, lenders require that you purchase private mortgage insurance (PMI). You want to pay the PMI with a monthly payment (for the same 30-year). Assume that PMI is 1% of the mortgage amount and has...
a) Bubba bought a car for $60,000, putting down $20,000 cash and financing the remainder. How...
a) Bubba bought a car for $60,000, putting down $20,000 cash and financing the remainder. How much are his monthly car payments if he financed the car for 6 years and paid a nominal annual interest rate of 6 percent? b) How much will his payments be if he makes the payments at the beginning of each month?
Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6.5% interest for...
Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6.5% interest for 30 years. a. What are the monthly payments? b. How much interest will she pay over the life of the loan? c. What percentage of your total payment was the interest? ((Can the work be done in excel? Please?))
Mr. Franks is buying a home for $300,000 and is putting down 25% cash on the...
Mr. Franks is buying a home for $300,000 and is putting down 25% cash on the purchase. He is financing the rest with a 30 year fixed rate mortgage at 4.25%, but is considering a bi-weekly payment option. How much interest would the bi-weekly option allow him to save over the life of the loan, and how long would it take him to pay off the loan? I know the answer is $28,346 and 25.72 years but im not sure...
Amortization: Barney and Betty buy a house for $450,000. They pay 15% down and finance the...
Amortization: Barney and Betty buy a house for $450,000. They pay 15% down and finance the rest at 4.35% using a 20-year mortgage. How much money are they putting down? What is their monthly mortgage payment? How much interest will they have paid in the first 10-years of owning the house? How much principal will they have paid in the first 10-years of owning the house? at the end of 10 years what is their remaining balance?
You are considering the purchase of a $600,000 house using a regular fixed rate mortgage loan...
You are considering the purchase of a $600,000 house using a regular fixed rate mortgage loan with a 20% down payment; what is the monthly payment (not including taxes and insurance) using a 30-year (5.0%), 20-year (4.50%), and a 15-year (4.00%)? How much total interest would you pay using the three different loans over the course of the loan? What are the pros and cons of using a 5/1 adjustable rate mortgage?
PART 2 - FINANCE a) You purchase a house for $184,879.00. You made a down payment...
PART 2 - FINANCE a) You purchase a house for $184,879.00. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 4.90%. Mortgage payments are made monthly. what is the monthly amount of your mortgage payment? b) A 1,000 par value bond that pays interest annually just paid $116 in interest. What is the coupon rate?...
You found your dream house. It will cost you $300000 and you will put down $50000...
You found your dream house. It will cost you $300000 and you will put down $50000 as a down payment. For the rest you get a 30-year 4.5% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)? Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $3,000,000 in her retirement savings account in order to live comfortably. Mary currently has no...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is...
Sarah secured a bank loan of $195,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time? (Round your answer to the nearest cent.)