Mortgages and Home Ownership Answers

Use this example from a fixed rate mortgage calculator to help you answer the questions. Keep the page open after you complete this question.According to the calculator, the monthly payment Demarco and Tanya should anticipate paying for principal and interest is

higherlower

$208$611$819

principalinterest

According to the chart, by year 5, the combined payment for principal and interest will increase to approximately [___].

By year 15, the combined payment will increase to approximately [___].

Recall that taxes and mortgages add about $400 to the payment for principal and interest. If Demarco and Tanya’s income stays the same, by year 10, their total payment will be [___] 25% of their gross monthly income.

$200,317$193,429$195,104

Use this example from an adjustable-rate mortgage calculator to help you answer the questions.

The total monthly payment Demarco and Tanya should anticipate is

$208$611$819

$169$667$836

$711$811$911

According to the amortization table, Demarco and Tanya will pay a total of [___] in interest over the life of their loan.

By the end of year 8, Demarco and Tanya would have to pay a final payout of

Use this example from a fixed rate mortgage calculator to help you answer the questions. Keep the page open after you complete this question.According to the calculator, the monthly payment Demarco and Tanya should anticipate paying for principal and interest is

The total monthly payment Demarco and Tanya should anticipate is

According to the chart, by year 10, the majority of Demarco and Tanya’s payment will go toward the [___].

According to the calculator, the initial monthly payment Demarco and Tanya should anticipate paying on principal and interest is [___].

$200,317$193,429✔ $195,104