You are going to purchase a house that costs $195,000, the bank requires a down payment of 10%, the mortgage you are looking at is a 15 year fixed mortgage with a rate of 7.5%, with three points due at the time of closing. What is the down payment required?
What is the amount financed (borrowed)?
How much is due at closing (points only)?
What is the monthly mortgage payment (round to the next dollar)?
What is total of all payments made?
What is the total interest paid to the bank?