Introduction

There are many different types of mortgages available. What kind do you think you'll get in the future?

paper cutout of house with keys and calculator on a table
© iStock

Lesson Objectives

Following successful completion of this lesson, students will be able to...

  • Identify various types of mortgages (30-year loan, 15-year loan, fixed rate loans, adjustable rate loans, VA loans, and FHA loans).
  • Calculate compute monthly mortgage payments.

Enduring Understandings

  • Consumer decisions are made by evaluating data.

The above objectives correspond with the Alabama Course of Study: Algebra with Finance standards: 17.