A young physician, A young physician makes $180,000 per

A young physician

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Reference no: EM137878

Q. A young physician makes $180,000 per year with an annual salary increase of 2%. He is interested in buying a house. He has $85,000 in his savings account. The appraisal value for the house is $400,000.

After exhaustive shopping for a mortgage, a bank offered him these options:

1. A mortgage for 30 years, 5.5% fixed, 0 points, with 20% down payment or

2. A mortgage for 20 years, 5.5% fixed 0 pots with 20% down payment.

Which plan best fits for the person's budget?

Reference no: EM137878

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