University of Portland Home Cost per Year Question
Description
Assume that you are going to buy a fixer upper home for $250,000 – Utilizing current FHA mortgage rates with 5% as your down payment. Complete the same assignment assuming you can get conventional financing from your local credit union or bank. Prepare 4 excel spreadsheets showing the Amortization of the Mortgage overs 30 years and 15 years. To complete this assignment you will need to investigate interest rates from a local bank (your choice of which). Show the payments and break out principal and Interest and total payments. Answer the question How much total interest would you pay under each scenario? 2 for FHA financing and 2 using conventional financing. You can submit one excel workbook with 4 worksheets or tabs – Which mortgage is the best option? How much interest do you pay over the life of each loan? Which option would you chose and why?
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