Name:

Jenna Pomaville

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
University
Location:

Robert Morris
Chicago, Illinois

Housing Location: On Campus

Campus
Housing Type:
Apartment
# of Bedrooms:
Individual Bedrooms
Bedroom
# of Roommates: 8
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Parking Space
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$

Of

4
Shared

Yes
Yes

No
No
No
No

Other:
Yes

Included:
Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Reasons you chose this College
Housing:
This is where some
of the girls on the volleyball team live
right now and want me to move in with them.

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

899 a 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/

28 E Jackson
Boulevard, Chicago, IL 60604
Address:

School District:
University

Robert Morris

# of Bedrooms:
Style:
# of Baths: 2
Heated by: Gas
Square Footage:
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking

Electric
Yes
No
No
Parking Space

Garage

Other:

Parking Cost: $
Included Utilities: Yes
Which:
gas, dryer
Additional Amenities:
air conditioning,

No
wifi, cable,

Reasons you chose this Apartment:

Apartment Part 2: The Payment

What Would Your Rent Payments Be?

Renters Insurance:
$
Total Monthly Rent Payment:

$
$900-$1400
$21.00
$
$900-$1400

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$48,000/yr

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:

$158,876

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: $150,000
Properties of the house you have chosen: Fill in the information below
Address: 413 N WASHINGTON AVE,ROYAL
OAK, MI 48067

School District:

Royal Oak

# of Bedrooms:

IMAGE OF HOUSE

Style: Single Family Ranch

#of Baths: 1
Type of siding: aluminum
Type of roof: wood shake shingle
Heated by: Gas
Electric
Square footage: 1,052 ft
Lot size:
4,792.00
Garage:
Yes
No
If Yes, Size:
1 Car

2 Cars

3 Cars

Other:

Year built: 1919

Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:
The inside looks nice. I like the
wood floors. The price is good for what you get. The location is where I would want
to be.

House Part 2: The Payment

What Would Your Mortgage Payments Be? $834/yr
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:
Market Value:
$135,000-$150,000
Amount:
$150,000
(1st Yr): $7429.78
Monthly
Payment
s
4.0%
4.5%

15 years

20 years

5.0%

$877

Mortgage
Principle (1 Yr): $3,092.90
Interest
st

25 years

30 years

50 years

5.5%
Monthly Payments with a 15% down payment:
Market Value:
$135,000-$150,000
Amount:
127,500
Interest (1st Yr): 6315.30
Monthly
Payment
s
4.0%

15 years

20 years

$745.35

Principle (1st Yr): 2628.90

25 years

30 years

Mortgage

50 years

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:

20%: Total Down Payment Amount:

Length of Mortgage:

25 Years

Monthly Payment: Principle:

Interest:

$
$

$30,000

2300.21
6542.59

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

$2,400

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

$360

1.10% of Mortgage

$1,320
$4,515

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:

$
$

4,378.69

$75,000
$ 2067

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: $ 450
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $ 67/mth