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
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:
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
$
$21.00
$
845.00
866.00
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:
$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
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
Years
$
$
1,471.07
5,969.29
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
n/a
136,500
236
https://treas-secure.state.mi.us/ptestimator/ptestimator.asp
Homeowners
$ $67/month