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

$201,854$251,854✔ $274,854

Over time, the amount paid toward the principal will [___].

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

✔ [image 1] [image 2] higherlower

The total monthly payment Demarco and Tanya should anticipate is

According to the amortization table, Demarco and Tanya will pay a total of in interest over the life of their loan. This means their total cost, including the $170,000 purchase price, is approximately .

principalinterest

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

$208$611$819

$169$667$836

$711$811$911

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

By year 20, the majority of Demarco and Tanya’s payment will go toward the [___].

higherlower

289672✔ 961

$340,323$363,429✔ $374,323

$1,061$1,161$1,211

$208$611$819

✔ overunder