Exp22 Excel Ch06 HOE Mortgage.xlsx.

Exp22 Excel Ch06 HOE Mortgage.xlsx After several years of living with friends after college, you have decided to purchase your first home. After doing some preliminary research on prices, you developed a spreadsheet to calculate your monthly mortgage payment, the total amount to repay the loan, and the total amount of interest you will pay. Your total budget for the home is $150,000 including taxes, closing costs, and other miscellaneous fees. You plan to take $10,000 out of your savings account for a down payment. You are currently investigating loan interest rates at various banks and credit unions. You realize that you may need to find a less expensive home or increase your down payment to reach a monthly payment you can afford. Although you know a larger down payment will change the monthly payment, you want to be able to see the comparisons at the same time. In addition, you want to look at your budget to review the impact of purchasing a new home on your income and expenses. You will use Excel to help create a worksheet to analyze the variables that affect the mortgage payment, the total amount to repay the loan, and the total interest paid. To help you make a decision, you will use several what-if analysis tools, each with specific purposes, benefits, and restrictions. With these tools, you will have a better understanding of how a mortgage payment will affect your overall budget