Highlighted Tool: Mortgage Calculator
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Buying a home is a huge decision and the reality is that there are tons of mathematical and non-mathematical considerations for buyers. Tools like the one above and the others listed below allow students to explore the mechanics of a mortgage by toying with the amount borrowed, the payment options and the term and see how these elements effect the amount of interest paid over the life of the loan. Older and younger students can explore mortgages in different ways – older students can examine the graphs related to loan payments and the equations related to them, while younger students can use the online calculators to explore the relationship between things like adding extra payments and the amount of interest paid. Younger students can use tools like this to practice collecting and interpreting data.