Name:

Victor Nevin

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:

CMU

Location: Michigan
Housing Location: On Campus*
Off Campus
Housing Type: Dorms
# of Bedrooms:

Individual Bedrooms
Bedroom*
# of Roommates: 1-2

Shared

Bath Attached:
Yes
No*(Community/Shared)
Living Space:
Yes*
No
Washer/Dryer:
Yes
No*
Fireplace:
Yes
No
Parking:
Yes
No
Size: Parking Space
Other:
Sports stadiums
Parking Cost: $
150
Meal Plan Included:
Yes
No
Meal Plan Cost:
$3.390
Included: unlimited food while open
Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities: School Store,
laundry rooms
Reasons you chose this
College Housing: I plan on going here
and it just seems like a nice place.

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $ 1,136
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
School District:

Chippewa

# of Bedrooms:

Style: Apartment
# of Baths: 1
Heated by: Gas
Square Footage: 900

Electric

Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking

Yes

Parking Cost: $
Included Utilities:
Which:

No
No
Parking Space

Garage

Other:

included in rent
Yes
No

Additional Amenities:

Gym, pool, sauna, hot tub

Reasons you chose this Apartment: Location and amenities

Apartment Part 2: The Payment

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

$
895
21.00
$
916

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$66,640

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/afford-borrow.asp

Maximum value that your house can be: $

269,240

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, 9
Properties of the house you have
chosen: Fill in the information below
Address: 27932, shock street st chair
shores 48081
School District: lake view

IMAG

# Of Bedrooms: 3
Style: bungalow

#of Baths: 1
Type of siding: vinyl
Type of roof: shingles
Heated by: Gas
Electric
Square footage: 1,002
Lot size: 1,002
Garage:
Yes
No
If Yes, Size:
1 Car

2 Cars

3 Cars

Other:

Year built: 1938

Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house: Its a cheap house and its actually a
pretty good house too.

House Part 2: The Payment

What Would Your Mortgage Payments Be?

429

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 different 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:

Mortgage Amount:113,905
1,887 Interest (1st Yr): 5,870

Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

119.900

Principle (1st Yr):

15 years

20 years

25 years

30 years

573.76
574.78
578.43
581.23

567.98
569.43
570.55
572.98

553.67
554.56
555.78
557.89

543.80
543.91
545.83
546.24

Monthly Payments with a 15% down payment:

17,876

Market Value:

113,905

(1st Yr): 9947.05

Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

Principle (1st Yr): 5493.01

Mortgage Amount101,913
Interest

15 years

20 years

25 years

30 years

756.89
783.65
805.98
832.73

746.54
778.78
798.67
823.89

750.32
769.45
779.67
817.78

743.27
765.78
768.32
813.56

Now that you have looked at some different 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:
23,980
Length of Mortgage:

20
30

Monthly Payment: 542.62

Interest:

%: Total Down Payment Amount:

Years
Principle:
$5,243.35

$1, 292, 09

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

2,398

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

359.70

1.10% of Mortgage

1199
5298

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:
$

$
45.79
113.905

Yearly Real Estate Tax:

5,490

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: $ 299.95
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $

100