Posted by **Dee** on Tuesday, April 24, 2012 at 1:14pm.

Ever wonder how much a house “actually” costs? Consider Alex and Sabrina who purchased a house with a selling price of $249,000.00. They managed to put 15% down and were approved for a 30-year conventional loan at 7% to cover the remaining $211,650.00. Their new monthly mortgage payment, which combines principal and interest payments, is $1407.47. They also paid an additional 2 points at closing (points are considered prepaid interest or interest paid up front).

How much will Alex and Sabrina really end up paying for their house over the next 30 years (including points, down payment, principal, and interest)?

How much of the total cost of the house after 30 years is interest?

How much of the 1st mortgage payment is interest and how much is principal?

## Answer this Question

## Related Questions

- Math - A house cost $85,000. The price of the house will raise 5% each year. If...
- Math - Karl wants to get $80,000 for his house the real estate agent charges 8...
- algebra - The Berry's sold their house after paying the real estate agent a ...
- math - Kathy and Tommie put down 20%, or $35,000, to purchase a new house. What ...
- Finance - Say that you purchase a house for $150,000 by getting a mortgage for...
- math - Samir's mom is a real estate agent. When she sells a house, she receives ...
- finance (math) - If the average new house costs $210,000 today, how much will it...
- tax - Mrs. Gonzales must use a wheelchair. Upon advice from her physician, she ...
- algebra - At a certain real estate firm,realtors selling homes receive a ...
- Expected Utility-Econ - Suppose that your wealth is $250,000. You buy a $200,000...