Phil is going to purchase a home with a sale price of $225,000. He is able to put 20% down for her down-payment and get a mortga
ge for the balance. The cost of home insurance is $3,200 yearly. The taxes are $1,170 yearly. He is trying to decide between a 30 year fixed loan and a 15 year fixed loan. Interest rate for the 30-year mortgage is 3.75%. Interest rate for the 15-year mortgage is 2.85%. Phil's credit score is 725. 5) What will his monthly payment be, including taxes, insurance, and other fees, rounded to the nearest dollar, if he chooses the 30 year fixed?
6) How much will Nick have paid total for the house for the 30-year fixed mortgage?
7) What will his monthly payment be, including taxes, insurance, and other fees, rounded to the nearest dollar, if he chooses the 15 year fixed?
8) How much will he have paid total for the house if he does a 15-year mortgage?
