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Mortgage and Interest Calculations: Mortgage and Interest Calculations

Resources

 

curious about what happens when you prepay your mortgage? check this link out

http://mortgage-x.com/calculators/extra_payment_calculator.asp

 

 

 

Assignment/Process

What impact does interest rate have on mortgage payments?

 

  • Students will examine the difference in mortgage payments when interest rates change.  
  • They will also examine the impact of term length on the total cost of a house purchase.

 

Using the MLS- Multiple listings site, you will choose two homes to purchase.  One home must cost between $200,000 - $250,000 and the other should cost approximately $100,000 more than the first house you chose.

 

You will use a mortgage calculator to calculate the monthly payment for each house at two different interest rates.  You will also calculate the total cost of purchasing the homes. 

Here's some help- this mortgage calculator will help you find the total cost of borrowing

Subject Guide