The repayment period for your mortgage

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Reference no: EM131754102

Where is your dream home located? How much will it cost to buy it? Do some research and find your dream home. Provide a link to your dream home.

Research lending rates and pick a bank you will approach for your mortgage. Choose the repayment period for your mortgage, the amount of down-payment you will make, etc.

Use the loan amortization schedule Excel file below to generate the loan amortization schedule for your mortgage. Note down the total payment you will make over the lifetime of your mortgage and the amount of interest you will pay your bank.

Create two scenarios to pay off your loan early. For one scenario, you may want to add an additional affordable amount to your monthly payments (for instance, if your monthly payment is $889, you might add an extra $11 each month and make $900 monthly payment instead). For the second scenario, you might make periodic extra payments when you get a bonus, for instance. In each case, note down the reduction in interest cost from paying off early, as well the number of months by which you cut down your mortgage.

Write up a brief report summarizing your findings.

Reference no: EM131754102

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