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Mortgage Essay

282 words - 2 pages

Leah Dolce
ECO 103
Mortgage Project

While doing this project, I kept finding myself to be very indecisive as to what I wanted in a home and what things would be important to me if I were to purchase one. This project helped me understand the basics of buying a home such as: where I would want my kids to go to school, how many bedrooms, how many ...view middle of the document...

I did know I wanted it to be at least 3 bedrooms, 2 bathrooms, and have an updated kitchen. I was able to find those things in the home I selected but what I didn't realize was what the cost would be.
There is a huge financial difference between a 15 year fix and a 30 year fix mortgage. For the home I selected it was a $522.76 difference in the monthly payment and a $91,271.79 difference in the amount of interest I would be paying for the life of the loan. If I was abel to afford such a hefty, monthly payment I would choose the 15 year mortgage because in the long run it would be cheaper. The lesson learned here, though, is find a more affordable house and make updates as you go along. All -in-all I had fun doing this project and it helped me understand the process into buying a home and gave me great internet resources to do so.

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