TREMAINE: - What will Tremaine's monthly payment be?

- How much total interest will he pay over the course of the mortgage? (Hint: Click on "Amortization Schedule")

- If Tremaine waited until he had $30,000 saved for a down payment, what will his monthly payment be?

- How much total interest will he pay over the course of the mortgage?

- How much money did he save by paying an extra $15,000 upfront?

CARLIN:

- Rounded to the nearest $500, what's the most expensive house Carlin could buy?

- How much total interest will she pay over the course of the mortgage for this house?

- What month and year does Carlin pay off her house? If Carlin could add just $50 to each monthly payment, how much money would she save on interest?

- What month and year does Carlin pay off her house if she makes the higher monthly payment?

- What are some strategies Carlin could use to make sure she has an extra $50/month for her mortgage?

- If Carlin can afford $450 per month, she could have just bought a more expensive house. Do you think she should pay off an expensive house in 30 years? Or, should she pay off a cheaper house in less time with less interest? Explain why you feel that way.

BRYCE:

- How much, per month, is Bryce short on the mortgage payments for his dream home?

- How much would Bryce’s down payment need to be if he wanted to get his monthly payments down to $2,500 or slightly under?

- Using this strategy, how much total interest would he pay over the course of the loan?

- Unfortunately, Bryce doesn’t have enough money to allocate towards such a huge down payment, so he decides to put in his original $75,000 down payment. Besides, Bryce is worried his credit score is a bigger problem, so he asks the bank how improving his score would impact his loan application. They provide this chart: (Attached below)

- If Bryce could raise his credit score to 700 and keep the $75,000 down payment, could he afford his dream house?

- Using this strategy, how much total interest would he pay over the course of the loan?

- What do you think Bryce should do?