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Part 3
By: Ashlie Lawson, Christina Yim, Sean Sibbett,
Christopher Lincecum, and Jake Pitkin.
Ashlie 3.364%Christina
3.625%
Christopher
3.4%
Jake
3.5%Laura 3.389% Sean 3.667%
Total Interest Paid $60,215 $49,674 $120,207 $124,797 $111,636 $112,021
Home Price $139,900 $86,000 $201,510 $224,900 $247,418 $192,000
$0
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Ashlie 2.704%Christina
2.873%
Christopher
3.4%
Jake
2.75%Laura 2.628% Sean 2.95%
Total Interest Paid $13,405 $17,976 $43,776 $44,838 $25,327 $41,251
Home Price $139,900 $86,000 $201,510 $224,900 $247,418 $192,000
$0
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To Plan Your Own Amortization Schedule Click Here
When deciding between renting, a 15 year loan
and a 30 year loan, there is a lot to consider.
We put together a few different scenarios and
the actions that should accompany them.
Mary just got her BS in the field she wants to go
into. Mary isn’t looking to start a family and has
no kids. Because of this her plans are still loose
on if she wants to stay in the state she grew up in
while pursing her new career.
It would be best for Mary to just rent for now
incase she decided to relocate for her career.
Teddy just finished his degree and got a
position at a local hospital. His wife is about to
have her 2nd kid and their 1 bedroom
apartment won’t do the trick anymore.
It would be in Teddy’s best interest to do a 30
year loan. He is most likely not going to be
moving for some time and will need all the extra
money he can get for the new baby.
Therefore, a lower mortgage payment is in his
favor.
15 year loan - is the best option because you save a lot of money on interest, and you build equity faster, but only if you can afford it.
30 year loan - interest rates are higher but is more affordable and also a safer bet.
•You can always choose to make additional payments toward your principal
•This allows you to have the home you want with reasonable payments especially if you plan on staying put that long.
Ashlie Lawson – Data, ScenariosChristina Yim – Data, ConclusionsSean Sibbett – Data, Charts for 15 year & 30
year pmtsChristopher Lincecum - Data Jake Pitkin – Data, Scenarios, Insights.Laura Smith – Data, 15 & 30 year Interest
Graphs, P1,P2
