math assignment

Week 11 Project: Mortgage Payments

Picture of House (optional)	Cost of house: Interest Rate: Down Payment:
30-year Mortgage Interest: Principle: Monthly Payment: Total Payment:	15-year Mortgage Interest: Principle: Monthly Payment: Total Payment:

What strategies could you use to lower your total payment?

Assignment #6. Activities Mortgage Payments.

Find a house for sale, either one in your neighborhood or a house listed online or in a newspaper. Online resources include but are not limited to  Zillow ,  realtor.com ,  Redfin , or any major real estate company's website.

Use the attached worksheet to provide the following information.

· Provide a picture of the house or the ad (optional)

· The cost of the house

· The interest rate you are using to make calculations.  This rate should be consistent with rates in today's market.

· Choose a down payment percentage.  State the percent and calculate the amount.

Then, calculate the following based on the information above.  Show all necessary steps when making the calculations on the worksheet provided.

· The interest, principle, monthly payment, and total payment for a 30-year mortgage.

· The interest, principle, monthly payment, and total payment for a 15-year mortgage.

What strategies could you use to lower your total payment?