Calculate the purchase of the house

Reference no: EM131981005

Question: Heather and her husband would like to purchase a home in the Scottsdale area. She found this one online (Pleasant Dr., Scottsdale for $309,900) and after talking to a Loan Officer at BB&T, she has learned some information about current mortgage rates. The Loan Officer further indicated that she would need to pay a 25% down payment and 1 point at closing. Heather wants to finance the home for 30 years with a fixed interest mortgage.

Using this information, calculate the following for the purchase of this house for Heather and her husband:

1. Down payment

2. Mortgage amount

3. Points amount

4. Monthly payment

5. Total paid for the house

6. Interest paid

Convential Loan Rates

30 Year Fixed 3.75%

15 Year Fixed 3%

30 Year Refinance 3.75%

15 Year Refinance 3%

Reference no: EM131981005

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