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15 year plan with 10% added $54.99+549.89=$604.88

30 year plan with 10% added 35.25+352.46=387.71

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By going with the 15 year deal with 10% added she saves 12 years of being in Debt

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By adding 10% to the monthly payments save about 2 years

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By adding 10% to the monthly payments save about 5 years

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2199.57071+219.957071=2419.527781

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140.985+1409.853396=$1550.84

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Alvena and Richard Griffith are going to purchase a new home. The sellers have agreed to a selling price of $375,000. Mike and Martha are going to make a 20% down payment and finance the remainder at 3.87% compounded monthly. Richard thinks a 30-year mortgage makes sense because their payments will be lower. Alvena thinks a 15-year mortgage makes sense because they will pay less interest.

375,000*.2=75000          .0387/12=0.003225            30*12=360           15*12=180

75,000=PMT[(1-(1.003225)^-360/.003225      75,000=PMT[212.788082]= $352.46

75,000=PMT[(1-(1.003225)^-180/.003225      75,000=PMT[136.3902504]= $549.89

# data[].attributes.body
Alvena Griffith borrowed $300,000 for an Incredible Victorian house to turn it into a bed and breakfast.  She agreed to pay her loan with a monthly payment for 15 years.  The interest rate was 3.87% compounded monthly.  Each monthly payment was $588.39.
0.0387/12=0.003225     15x12=180  300,000*0.003225=967.5
300,000=PMT[1-(1.003225)^-180/0.003225)           300,000=PMT136.3902504= 2199.57071

# data[].attributes.body
Alvena Griffith borrowed $300,000 for an Incredible Victorian house to turn it into a bed and breakfast.  She agreed to pay her loan with a monthly payment for 30 years.  The interest rate was 3.87% compounded monthly.  Each monthly payment was $1409.85.
0.0387/12=0.003225     30x12=360  300,000*0.003225=967.5

300,000=PMT[1-(1.003225)^-360/0.003225)           300,000=PMT212.788082= 1409.853396