Aunt tillie has agreed to loan you 10000 for the down

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Reference no: EM13621597

Aunt Tillie has agreed to loan you $10,000 for the down payment on a home. You have decided to structure the loan, so that the payment amount remains constant through the term of the contract and you can budget for a consistent loan payment each month.

With regard to the loan for a down payment on your mortgage, what drawback exists with the loan you want compared to a loan in which payments decrease through the term of the loan?

Higher interest payments
a longer term
A larger down payment
Less interest expense deduction for income tax purposes

Reference no: EM13621597

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