Erica Hamman

Name:
Renting vs. Owning Project: College Campus
College Living Part 1: Location
College:
CMU
Location:
Housing Location: On Campus
Campus
Housing Type:
Dorm
# of Bedrooms:

Individual Bedrooms
Bedroom
# of Roommates: 4
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
No
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Parking Space
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$
Included:
flex per semester

Of

Shared

Yes
Yes
No
No
Other:
$150.00
Yes
9088

unlimited and $150

Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
store,
laundry on every floor,
Reasons you chose this College
Housing:

best for freshman

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per 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:
Drive

15770 lakeside village

Clinton township

School District:
Chippewa
# of Bedrooms:
Style:

Apartment

# of Baths:
Heated by: Gas
Square Footage:
900
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking

1
Electric

Parking Cost: $
rent
Included Utilities:
Which:

included in
Yes
none

Additional Amenities:
pool , sauna, hot tub

Yes
No
No
Parking Space

Garage

Other:

No
Gym,

IMAGE OF APARTMENT
FLOORPLAN

Reasons you chose this Apartment:

Apartment Part 2: The Payment

What Would Your Rent Payments Be?

Renters Insurance:
$
Total Monthly Rent Payment:

$
$21.00
$

845.00
866.00

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$
61.560

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:

$233,

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: $
Properties of the house you have chosen: Fill in the information below
Address:
1010 Front st. Apt . C202
Lahanian , Hi 96761
School District:
schools

lahanian public

# of Bedrooms:

Style:

apartment

#of Baths:
Type of siding:
Type of roof:
shingles
Heated by: Gas
Square footage:
Lot size:
Garage:
Yes
If Yes, Size:
Year built:
Fireplace:
Basement:
List some of

IMAGE OF HOUSE

1
wood
shake
Electric
324
324
No
1 Car

2 Cars

3 Cars

Other:

1979
Yes
No
Yes
No
the reasons you chose this house:

House Part 2: The Payment

What Would Your Mortgage Payments Be?

$489/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:

$657.04

Market Value:
136,500-(5%)
6825
Mortgage Amount:
129,675
Principle (1st Yr): $2,091.90
Interest (1st Yr):$ 5,792.58
Principal
Payment

Monthly
Payment
s
4.0%
4.5%
5.0%

5.5%

15 years

20 years

25 years

30 years

959
992
1025.4
6

785.80
820.39
855.80

684.47
720.78
758.07

619.09
657.04
696.12

1059.5
5

892.02

796.32

736.28

Monthly Payments with a 15% down payment:

50 years

587.88

Market Value:
136,500-(15%)
20,475
Mortgage
Amount:
116,025
Principle (1st Yr): 1,871.72
Interest (1st Yr): 5,182.84

Monthly
Payment
s
4.0%
4.5%

15 years

20 years

25 years

30 years

5.0%

858.22
887.58
917.52

703.09
734.03
765.71

612.42
644.90
678.27

553.92
587.88
622.85

5.5%

948.02

798.12

712.50

658.78

50 years

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:
27,300
Length of Mortgage:

20
30

Monthly Payment: Principle:

Interest:

%: Total Down Payment Amount:

Years
$
$

1,471.07
5,969.29

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

$2,730

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

$4,095

1.10% of Mortgage

$1,501
$27,300

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:

n/a
136,500

236

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: $69/month
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow
Insurance Estimate:

Homeowners
$ $67/month