Written Assignment: Comparing Mortgage Options

Purchasing a home is a major life decision. Searching for just the right place can be both fun and stressful. For most people, a large part of the home-buying process involves finding a home loan that is a good financial fit. There are many different options to consider.

Today, you’re going house-hunting (virtually, of course). Go online to your favorite real estate listing site and find a home in your area that you would love to buy. Why would this be a great home for you? Be sure to include the URL for the listing.

Search online for current interest rates for 30-year mortgages. Include the URL for this information as well.

Given the information you have found, calculate the following:

What is the amount needed for a 20% down payment?
What is the mortgage amount?
What is the monthly payment (principal + interest) for a 30-year Mortgage ?
At the end of the 30 years, how much interest will have been paid?
What is the monthly payment (principal + interest) for a 15-year mortgage?
At the end of the 15 years, how much interest will have been paid?
How much interest can be saved by choosing a 15-year mortgage?
Submitting Your Written Assignment

Submit the Written Assignment portion of the Competency Assessment by clicking on “Assignments” along the top menu bar of the course, then Competency Assessment Dropbox.

Minimum Submission Requirements

Proper notification of any resubmission, repurposing, or reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.
All problems must be attempted in the McGraw-Hill Competency Assessment Labs.
Written Assignment must be completed according to guidelines and submitted through the Competency Assessment Dropbox.
If the work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned for revision. If the work submitted does not meet the minimum submission requirements by the end of the term, you will receive a failing score.

The house I chosen

https://www.zillow.com/homedetails/8162-Williamson-Dr-Olive-Branch-MS-38654/2069644853_zpid/

Zip code for bank rate – 38654
https://www.bankrate.com/mortgages/30-year-mortgage-rates-personalized/?mortgageType=Purchase&partnerId=br3&pid=br3&pointsChanged=false&purchaseDownPayment=46080&purchaseLoanTerms=30yr&purchasePoints=All&purchasePrice=230400&purchasePropertyType=SingleFamily&purchasePropertyUse=PrimaryResidence&searchChanged=false&ttcid&userCreditScore=740&userFha=false&userVeteranStatus=NoMilitaryService&zipCode=38654

Answer preview to Written Assignment: Comparing Mortgage Options

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Written Assignment: Comparing Mortgage Options