Why might someone be interted in taking a 20 year mortgage rather than a 30 year mortgage?
Question 11
11.
What is the benefit to taking a 30 year mortgage rather than a 20 year mortgage?
The interest rate greatly affects how much interest you ultimetly pay on a loan!!!!!!
Question 12
12.
Question 13
13.
Question 14
14.
Question 15
15.
It is common to put down 10% of a homes as a down payment for a home. If a person is to purchase a home for $400,000, how much should they save up for the down payment?
$1000
$4000
$10,000
$40,000
A realtor typically makes 2.5% of each home sales purchase. How much does a realator make if he helps his client purchase a $450,000 home?
$2500
$4,245
$11,250
$45,000
What is a fixed year mortgage?
A mortgage payment where the interest rate stays the same through the length of the loan
A mortgage payment where the interest rate increases through the length of the loan
What is NOT a common length of mortgage?
5 year
15 year
20 year
30 year
Suppose you are planning to buy a house and will need to take out a $350,000 mortgage with a 4% interest rate. You are debating between a 20 year mortgage and a 30 year mortgage.
How much will your monthly payment be with a 20 year mortgage?
$1900.45
$1987.40
$2056.78
$2120.93
Suppose you are planning to buy a house and will need to take out a $350,000 mortgage with a 4% interest rate. You are debating between a 20 year mortgage and a 30 year mortgage.
How much interest will you pay with a 20 year loan?
$12,908.45
$98,776.90
$159,023.20
$214,900.56
Suppose you are planning to buy a house and will need to take out a $350,000 mortgage with a 4% interest rate. You are debating between a 20 year mortgage and a 30 year mortgage.
How much will your monthly payment be with a 30 year loan?
1670.95
2314.56
1120.56
3000
Suppose you are planning to buy a house and will need to take out a $350,000 mortgage with a 4% interest rate. You are debating between a 20 year mortgage and a 30 year mortgage.
How much interest will you pay with a 30 year loan?
$200,442
$251,542
$321,002
Suppose your parents bought a home in 2015, and took out a $250,000, 15 year mortgage at an interest rate of 5.05%. How much will the monthly payment be?
$1983.50
$2100.56
$2376.98
How much money will they pay in interest?
None
$72,000
$107,030
Suppose your parents waited and bought a home in 2020, and took out a $250,000, 15 year mortgage at an interest rate of 3.05%. How much will the monthly payment be?
635.41
2735.92
1732.47
Suppose your parents waited and bought a home in 2020, and took out a $250,000, 15 year mortgage at an interest rate of 3.05%. How much will they pay in interest?