Alyssa's monthly mortgage costs are lower than those of her neighbor, steven. steven doesn't understand how this is possible because alyssa paid more money for her house. what could be the reason for this difference in costs?

A reason for the difference in mortgage cost between Alyssa and her neighbor Steve can be that Alyssa got a better interest rate on her loan than Steven did.

Explanation:

Mortgage payments are calculating considering diverse factors, such as property price, the down payment, the loan term, and the property taxes. Another factor that plays a key role in setting the amount of the mortgage payment is the interest rate that the bank will give the buyer. If Alyssa's monthly mortgage costs are lower than Steven's, even though her house was more expensive than his, Alyssa probably got a better interest rate on her loan that Steven did. With Alyssa's bank giving her a better interest rate for her mortgage, her monthly payments are going to be lower than Steven's that got a higher interest rate on his own mortgage.

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