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%