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Alexandria billiet

Name:
Renting vs. Owning Project: College Campus
College Living Part 1: Location
College:

cmu

Location:

mt.pleasant

Housing Location: On Campus


Campus
Housing Type:
dorms
# of Bedrooms:
Individual Bedrooms
Bedroom
# of Roommates: 4
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Parking Space
underclassman
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$

Of

1
Shared

Yes
Yes

No
No
No
No

Other:

football fied/ baseball diamond for

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.

College Housing Part 2: The Payment


What Would Your Housing Payments Be Per Month? $

1136per month

Renting vs. Owning Project: Renting an Apartment


Apartment Part 1: Finding the Apartment
Properties of the apartment you have chosen: Fill in the information below:
Helpful Resource: http://www.apartments.com/
Address: 15770 Lakeside Village
Dr, Clinton Township, MI 48038

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:

gym, pool, hot tub sauna

Yes

No
No
No
Parking Space

Garage

Other:

Reasons you chose this Apartment: location amenities

Apartment Part 2: The Payment


What Would Your Rent Payments Be?
Renters Insurance:
$
Total Monthly Rent Payment:

$
500$
$21.00
$916

Renting vs. Owning Project: Buying a House


House Part 1: Finding the House
Income level you have been given:
$ $46,962

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

House Part 2: The Payment


What Would Your Mortgage Payments Be?

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

Monthly Payments with a 15% down payment:


15%(5995)=17985

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

%: Total Down Payment Amount:

23980

Years

Monthly Payment: Principle:


$1292.09
544.62
Interest:
$

5243.35

House Part 3: Closing Costs


With all purchases of homes there are closing costs involved. We are going to use
the following table to calculate the closing costs. Snip you closing costs and attach
it below.
https://smartasset.com/mortgage/closing-costs
Description

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

Total Closing Costs

20% of total amount


of house

House Part 4: Real Estate Taxes


Combined Millage of county, municipal and school:
Assessed Value of Home:
$
Yearly Real Estate Tax:

$
45.79
119900
$
5490

https://treas-secure.state.mi.us/ptestimator/ptestimator.asp

House Part 5: Home Owners Insurance


You will also have to purchase house insurance, which costs a yearly average of 0.3% of the
purchase price of your home. (This is the minimum housing insurance, which does not include
earthquake coverage.)
Calculate your monthly house insurance: $ 100
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $

$67

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