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Maria and John have been married for 2 years and just learned that they are pregnant.

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Maria and John have been married for 2 years and just learned that they are pregnant.
1. They have been renting a small apartment but decide to purchase a house. The selling price is $400,000. They will make a 20% down payment.

They are considering 2 financing options:

Option 1: 3.0% interest 30-year mortgage:

Option 2: 2.75% interest 15-year mortgage:

Answer the following questions showing all your work to reach each answer.

A. Which option will result in a lower monthly payment if they take the full term of the mortgage? What will that monthly payment be?

B. Which option will result in the most total interest if they take the full term of the mortgage? What will that total interest be?

 
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