Homework help loan question

Posted on 2013-12-03 13:03:00 in Finance by BOB

If I purchase a home for the price of 75,000 what is the difference in monthly payment and total amount paid for the home in these two scenarios.



1. Down payment of 10% of purchase price with the balance financed over 30 years at 14%

2. Down payment of 10% of purchase price while assuming the present 50,000 loan with 25 years left at 9% and privately financing the remainder of 17,500 at 14% over the next ten years.



I believe I may know how to find the first one but only on a calculator but the second one confuses me

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