document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=603490>Question 603490</A>: <I><SPAN STYLE=\"word-break: break-all;\"> ver wonder how much a house “actually” costs? Consider Alex and Sabrina who purchased a house with a selling price of $249,000.00. They managed to put 15% down and were approved for a 30-year conventional loan at 7% to cover the remaining $211,650.00. Their new monthly mortgage payment, which combines principal and interest payments, is $1407.47. They also paid an additional 2 points at closing (points are considered prepaid interest or interest paid up front).\r<BR>\n" );
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document.write( "How much will Alex and Sabrina really end up paying for their house over the next 30 years (including points, down payment, principal, and interest)?\r<BR>\n" );
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document.write( "How much of the total cost of the house after 30 years is interest?\r<BR>\n" );
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document.write( "How much of the 1st mortgage payment is interest and how much is principal?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #380724 by </B><A HREF=/tutors/aboutme.mpl?userid=solver91311><B>solver91311(24713)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=solver91311><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=solver91311><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=380724\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font face=\"Times New Roman\" size=\"+2\">\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ (249000\ -\ 211650)\ +\ 360(1407.47)\ +\ 0.02(211650)\">\r<BR>\n" );
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document.write( "Above answer minus 249000\r<BR>\n" );
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document.write( "Above calculations ignore homeowner's insurance, title insurance, broker fees paid by the buyer, escrow fees, pest control and other inspections, etc. ad infinitum, ad nauseum.\r<BR>\n" );
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document.write( "Interest: \r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ 211650\ \times\ \frac{0.07}{12}\">\r<BR>\n" );
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document.write( "Principal:  1407.47 minus the amount of interest you just calculated.\r<BR>\n" );
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document.write( "John<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE e^{i\pi} + 1 = 0\"><BR>\n" );
document.write( "My calculator said it, I believe it, that settles it<BR>\n" );
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