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The cost of a home you want to purchase is $260,000

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The cost of a home you want to purchase is $260,000.00. To qualify for a mortgage, your lender wants a 20% down payment. Your mortgage interest rate is 4% for 30 years and you have to pay 4 points.

A. How much money do you need for the down payment?

1. I need  for the down payment.

B. How much will your mortgage be?

1. My mortgage amount will be .

C. How much will you have to pay for the points?

1. I will have to pay  for the 4 points. Hint

D. What is the monthly payment?

1. My payment will be  a month. Hint

E. By the end of the loan what will be the total of all your payments?

1. By the end of the loan, the total of all my payment will be .

F. What is the total interest you will have paid on your mortgage by the end of the loan?

1. I will have paid  in interest by the end of the loan.