You are financing a $300,000 home with 20% down payment

jagguarpaw January 20, 2017 0 Comments

Question: You are financing a $300,000 home with 20% down pa…

You are financing a $300,000 home with 20% down payment. The 30 year interest rate (apr) is 4.5%, and the 15 year interest rate is 3.5%. What is the difference in monthly payment for the 30 year and 15 year mortgage plan? PLEASE use formula and not financial calculator and show step.