Based on your chart, answer the following questions, Questions
1. What happens to the monthly payment and total payment for a loan with a smaller
down payment?
2. What happens to the monthly payment and total payment for a loan with a lower annual
interest rate?
3. What happens to the monthly payment and total payment if the term of the mortgage is
15 years rather than 30 years?
4. What is the trade-off if you get a 15-year mortgage rather than a 30-year mortgage?
5. How can you reduce your cost of buying a home?