Roberto bought a $360,000 house, paying 24% down, and financing the rest at 5% interest for 30 years. Her monthly payments are $1468.74. How much will he really pay for her $360,000 house?

To find out how much Roberto will actually pay for his $360,000 house, we’ll add the down payment to the total of all the monthly payments over the 30 years.

### Step 1: Calculate the Down Payment
Roberto paid **24% down** on a $360,000 house.

\[
\text{Down Payment} = 360,000 \times 0.24 = 86,400
\]

### Step 2: Calculate Total Payments Over 30 Years
Roberto’s monthly mortgage payment is **$1468.74**, and he will make these payments for **30 years** (or 360 months).

\[
\text{Total Monthly Payments} = 1468.74 \times 360 = 528,746.40
\]

### Step 3: Add the Down Payment to the Total Monthly Payments
\[
\text{Total Cost of the House} = 86,400 + 528,746.40 = 615,146.40
\]

### Conclusion
Roberto will really pay **$615,146.40** for his $360,000 house after including the down payment and interest over 30 years.

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#### Related Questions:
1. What would his total payment be if he had a different interest rate, say 4%?
2. How much would he pay in interest alone over the 30 years?
3. What would his monthly payment be with a shorter term, such as 15 years?
4. How does a higher down payment impact the overall cost of the loan?
5. What is the formula for calculating monthly mortgage payments?

#### Tip:
To reduce the total interest paid over the life of a loan, consider making extra principal payments when possible.

Roberto bought a $360,000 house, paying 24% down, and financing the rest at 5% interest for 30 years. His monthly payments are $1468.74. How much will he really pay for his $360,000 house?

Discover the actual cost of purchasing a $360,000 house with 24% down payment and a 5% interest rate over 30 years. This example walks through calculating monthly payments, down payment, and the total cost, ideal for high school students in grades 9-12.

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