Our Future Home ~Andrew & Payton
This home Andrew and I have chosen is located in Seattle, Washington. We both wanted a home with a wine cellar, for our future parties, waterfront and an antique but new look. This home is beautiful just like me and Andrews' soon to be family! Too bad it will never happen because he's GAY!
Address: 1649 Federal Ave.E.,Seattle W.A. 98102
Wanted Price: $2,200,000
20% Down Payment: $440,000
Total Loan: $1,760,000
Structure 1: Over a period of 25 years and the APR at 7.2% my monthly payments would be approximate $12,664 per month.
Structure 2: Over a period of 30 years and the APR at 6.9% my monthly payments would be approximate $11,591 per month.
Structure 3: Over a period of 15 years and the APR at 8.1% my monthly payments would be approximate $16,921 per month.
1. Compare the three mortgage structures. In therms of it's monthly payment,which mortgage structure would be the least expensive? Structure #2
2. Compare the three mortgage structures. In terms of the amount paid in interest, which mortgage structure would be the least expensive? Structure #3
3. Compare the three mortgage structures, In terms of the amount paid in total over the life of the loan, which mortgage structure would be the least expensive? Structure #3
4. If you were to determine which structure was best suited for YOU personally, which would you choose and why? Personally I, Andrew would choose structure three because 1) I would pay it off faster 2) It would save more money to spend a little more each month 3) I'm going to have other loans to pay off as well so the sooner I pay this one off the sooner I can focus and pay of those. 4) I plan on being rich in the future.
Citation~"1649 Federal Ave. E., Seattle, WA 98102 | HomeFinder.com | ID: 773696." HomeFinder. N.p., n.d. Web. 08 May 2015.