FedPrimeRate.com reported the median price of a home sold in the United States in November 2017 was $248,000. Juan Carlos Soto, Jr., wants to purchase a new home for $305,500. Juan puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 15years at 3.5% or 30 years at 4%. Calculate Juan’s monthly payment as well as his total cost of interest for both the 15- and 30-year mortgage. What is the difference in interest paid between the two options (round to nearest cent in calculations)?

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Factors Affecting Housing Decision