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Name:
Renting vs. Owning Project: College Campus
College Living Part 1: Location
College:
cmu
Location:
mt.pleasant
Of
1
Shared
Yes
Yes
No
No
No
No
Other:
150$
Yes
9088
Included:
unlimited food in dining
halls/ 150$flex/semester
Gym:
Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
store,close to
classes, laundry on every floor
Reasons you chose this College
Housing: best option for freshman.
1136per month
School District:
chippewa
# of Bedrooms:
Style: apartment
# of Baths: 1
Heated by: Gas
Square Footage: 900
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking
Electric
Parking Cost: $
Included Utilities: Yes
Which:
none
included in rent
No
Additional Amenities:
Yes
No
No
No
Parking Space
Garage
Other:
$
500$
$21.00
$916
You will have to go to the following website in order to determine how much you are
able to spend on your house. You can select a house that is less than the maximum
value, but you may not select a home that is over the maximum value given to you
by the calculator.
www.interest.com/content/calculators/aford-borrow.asp
Maximum value that your house can be:
$152,730
You will use the following websites in order to research housing listings. The best
website is listed.
www.remax.com
www.zillow.com
Market value of the house you have chosen: $119,900
Properties of the house you have chosen: Fill in the information below
Address: 27932 Shock St,Saint Clair
Shores, MI 48081
School District:
lakeview
# of Bedrooms:
Style:
bungalow
#of Baths:
Type of siding:
vinyl
Type of roof: shingled
Heated by: Gas
Electric
Square footage: 1002
Lot size:
8276
Garage:
Yes
No
If Yes, Size:
1 Car
Year built:
Fireplace:
Basement:
List some of
2 Cars
3 Cars
Other:
1938
Yes
No
Yes
No
the reasons you chose this house: its cute and little
429/month
Now that we know what the total cost of our house is, we are going to determine
what our monthly payments will be based on diferent interest rates, down
payments, and terms. Use the following website to determine the mortgage
monthly payment.
http://www.interest.com/content/calculators/new/armvsFixed.asp
Monthly Payments with a 5% down payment:
$577.14
Market Value:
119,900-5%(5995)=
Mortgage Amount:
113,905
Principle (1st Yr): 1837.56
Interest (1st Yr):5088.12
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
15 years
20 years
25 years
30 years
842.54
871.37
900.75
930.70
690.24
720.62
751.72
783.54
601.23
633.12
665.88
699.48
543.80
577.14
611.47
646.74
119,900-
Market Value:
101915
Interest (1st Yr):
Monthly
Payment
s
4.0%
119,900
Mortgage Amount:
Principle (1st Yr): 4499.75
5493.01
15 years
20 years
25 years
30 years
753.85
779.64
805.94
832.73
617.58
644.76
672.59
701.06
537.94
566.48
595.78
625.85
486.56
516.39
547.10
578.66
4.5%
5.0%
5.5%
Now that you have looked at some diferent monthly payments available, select an
option USING ONLY THE 5.5% interest rate, as this is the closest to the current
mortgage rate right now.
Down Payment:
Length of Mortgage:
20
30
23980
Years
5243.35
Cost
Your Cost
Credit Report
$65.00
$65.00
Loan Organization
2% of mortgage
$2398
Abstract of Title
$120.00
$120.00
Attorney Fee
$250.00
$250.00
Documentation
Stamp
Processing Fee
.3% of Mortgage
$359.7
1.10% of Mortgage
$1199
$23,980
$
45.79
119900
$
5490
https://treas-secure.state.mi.us/ptestimator/ptestimator.asp
$67