Analyze a home mortgage loan,Compute the down payment, amount financed, and the monthly mortgage payment .

Loan Project: Buying a House
For this assignment, you will analyze a home mortgage loan.
Find a description, asking price, and real estate taxes of a house for sale,
and decide on a purchase price you would be willing
to pay (assuming you
have the means). Find a current market interest rat
e for a 30-year fixed-rate
mortgage having a down payment of 20 percent of the
purchase price.
Compute the down payment, amount financed, and the
monthly mortgage
payment (showing how to use the appropriate financi
al formula).
Compute the monthly amount of real estate taxes and
add to the monthly
mortgage payment to get the total monthly amount pa
Suppose that in order to qualify for the loan, the
total monthly amount paid
cannot exceed 30 percent of monthly income. What is
the minimum
monthly income needed to qualify for the loan? What
is the minimum
annual income needed? (Note: This is a simplified m
inimum income
requirement calculation, for the purposes of this p
roject, as it does not take
into account other costs such as insurance or other
loans or assets currently
Construct an amortization table (using spreadsheet
software or online
resources such as
Assume that the first payment is made in January of
the current year. Find
the month and year of the last payment. Find the da
te of the first month
when the amount applied to the principal exceeds th
e amount of interest
paid. How many of the 360 payments have been made a
t this point?
Assuming that the mortgage is held for the full 30
years, compute the total
principal paid and the total interest paid.
Effectively communicate your analysis, interpretati
on, evaluation, and the results
you found to be particularly interesting, and why.
Your report must include

name of project and your name

house’s description, asking price, and real estate
taxes, the purchase price,
and the current market interest rate (include refer

computations and answers for tasks 2, 3, and 4, amo
rtization table for task
5, answers for task 6, and computations and answers
for task 7

conclusion (task 8)

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