I have a quick housing question:?

I have three options to finance a house that Iplan to live in for 10 years. For option 1, I am getting a 30 year loan at 6.75% interest. For option 2, I am getting a 20 year loan at 6.25 percent. For option 3, I am getting a 15 year loan at 5.65 percent interest. The loan amount is $200,000.00. I have $2,000.00 per month available for a house payment. The amount of money not applied to a house payment will be placed in an interest bearing account at 5.00% interest. All of my interest values are compounded monthly. At the end of 10 years, I plan on selling this house. I need to know these things to make a decision on what I can do.

What is the current balance on each of the three loans.

What is the current balance in the interesting bearing account. (It may be negative)

How much total interest was paid on each of the three loans.

Which of the three options is the best deal.

I have a quick housing question:?

Sounds like a strange mortgage plan. Something because they dont know what to do so they make it complicated.

If this is a real mortgage question. Your rates are extremely high. Plus 20 year mortgages have the exact same rate as a 30. Is this a home work quetion?

If this is a real mortgage question call a local broker. They will give your an amortazation schedule. They can figure out the yield over 10 years for the balances.

This is not a quick housing question. If its a real mortgage question its completely flawed and makes no sense. If its a home work question look it up in your book. You will need ammortazation and yields.

If its truly a mortgage question ive heard of these before. Dont walk run. You can do it yourself. Their rates are ridiculous.

Good luck..... if its a true mortgage question tell me and I will answer it if you give me the name of the company doing it. I think I already know. And I will report them again to the state. If its homework ask your teacher or take it to a math site.

********* UPDATE ***********

Fine I will answer your question.

30 year P $25,492.15 Int 114,605.45 Bal 174,507.85

20 year P $69,803.32 Int 105,619.89 Bal 130,196.63

15 year P $113,923.32 Int 84,092.28 Bal 86,076.68

P=Paid Principal Int= Paid Interest Bal= Balance left after 10 years.

Investment

30 year $702.80@120 months@5% = $109,132.39 Balance

20 year $538.14@120 months@5% = $83,563.61

15 year $349.87@120 months@5% = $54,328.61

Payoff after 10 years

I will let you do the simple math. But this question doesnt make sense in the real world because of the tax implications. Clearly the more interest you pay you get to write off 100%. If you are in a 30% tax bracket it changes everything. If this is a simple math class. Minus the principal left to your account. 15 year is best. But maybe the worst because of tax implications.

Because in that case and you took the 33% tax deduction and added it to what you added monthly. That changes everything. The 109K on the 30 year might go up to way over 170K.

I have a quick housing question:?

John. Figured it out if you just took a 30 year and paid the extra to it. You would be ahead instead of investing. Have somebody ammortize it that way. Plus you dont have to pay taxes on 60K in income. Report It