SNHU Time Value of Money Mortgage Payment Worksheet

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Since the 2008 subprime mortgage crisis occurred, homebuyers have become more aware of their rights and responsibilities of understanding the various terms and conditions offered by lenders. First, find a dream house you might be interested in purchasing. It could be anywhere in United States, even a Hollywood mansion. Provide the city and state where the home is located and also the current value of the home. You can even include a picture, but make sure you credit the actual source. Please note, you don’t have sufficient cash to purchase this property out right and will need to finance.

Next, fill out the Mortgage Payment Spreadsheet with the following information (but don’t share it):

  • price of the property
  • down payment – should be 20%
  • interest rate – use the current 30-year Fixed Rate Mortgage from FRED
  • PMT frequency – monthly

In your initial post, address the following:

  • What was the overall amount of interest paid over the term of the loan?
  • Change multiple variables (such as interest rate, down payment) and describe the impact of each.
  • In your analysis, what variable played the biggest role on the total amount paid on the loan amount over the life of the mortgage? Be creative, you can even prepay throughout the life of the mortgage.
  • After doing this exercise, would you be changing anything in your current mortgage or maybe future mortgage?
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