A 22-year-old college graduate just got a job in Nashville. She is considering buying a house with a $200,000 mortgage. The APR is 4% compounded monthly for her monthly mortgage payments on a 30-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 3.6%. How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?

$16,394.26

Explanation:

using a loan calculator we can determine the amount of interest paid in both loans:

loan 1                                                 loan 2

n = 30 years                                      n = 30 years

principal = $200,000                       principal = $200,000

APR = 4%                                          APR = 3.6%

monthly payment = $954.83          monthly payment = $909.29

total interest paid = $143,739.01    total interest paid = $127,344.65

the difference in total interest paid between both loans = $143,739.01 - $127,344.65  = $16,394.26

the difference in monthly payment between both loans = $954.83 - $909.29  = $45.54

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