What is the difference in the total interest paid between

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Question: Rita and Mark are considering moving to a new bigger house and considering selling their current house, the new mortgage will be around $275,000 mortgage. The monthly payment on a mortgage amortized over 25 years at a fixed rate of 7% compounded semi-annually, is $1926.14. The monthly payment on a mortgage amortized over 15 years at a fixed rate of 7% compounded semi-annually, is $2456.44.

What is the difference in the total interest paid between the two different maturities?

Reference no: EM133434924

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