Breanna Blondo

Name:
Renting vs. Owning Project: College Campus
College Living Part 1: Location
College: Saginaw valley
Location: 7400 Bay Rd, University Center, MI 48710
Housing Location: On Campus
Off Campus
Housing Type:
# of Bedrooms:
4
Individual Bedrooms
Shared Bedroom
# of Roommates: 4
Bath Attached:
Yes
No (Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Parking:
Yes
No
Type: Parking Space
Other:
Parking Cost: $
No fee
Meal Plan Included:
Yes
No
Gym:
Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Reasons you chose this College Housing: its nice
dorms and there is not a community bathrooms.
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: 30600 Little Mack Ave, Roseville, MI 48066

School District:
Roseville
# of Bedrooms:
2
Style: 2 floors above and below
# of Baths: 1
Heated by: Gas
Electric
Square Footage: 950-1,000 sq. ft.
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking Space
Garage
Parking Cost: $
none
Included Utilities: Yes
No
Which:
gas, heat, water, trash removal
Reasons you chose this Apartment: nice
inside and outside and has a pool.
Apartment Part 2: The Payment
What Would Your Rent Payments Be? $770
Renters Insurance:
$21.00
Total Monthly Rent Payment:
$791

Renting vs. Owning Project: Buying a

House
House Part 1: Finding the House
Income level you have been given:
$
27,500

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:

100,000

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: $

134,900

Properties of the house you have chosen: Fill in the information below
Address: 21312 Briarcliff St. Clair shores

School District:
Lake Shore
# of Bedrooms: 3
Style: ranch
#of Baths: 1
Type of siding:
bricks
Type of roof: shingles
Heated by: Gas
Electric
Square footage: 1,000 sq ft
Lot size:
50 X120
Garage:
Yes
No
If Yes, Size:
1 Car
2 Cars
3 Cars
Year built:
1958
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house: I live on this street so I picked this
house because I got excited it was on my street

House Part 2: The Payment

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
http://www.interest.com/mortgage/calculators/mortgage-calculator/

Be sure to locate the Amortization Table and change to monthly to find payment
amounts
5% down Payment Amount:
6745
Market Value:
134,900
Mortgage Amount:
128155
Principle (Monthly):
153.98
Interest
st
(Monthly):
533.98
Principle (1 Yr): 1091.46
Interest (1st Yr):
3,724.29
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

947.95
980.38
1013.4
4
1047.1
3

776.59
810.77
845.77

611.83
649.34
687.96

881.56

727.65
3

15% down Payment Amount:

20235
Market Value:
134900
Mortgage Amount:
114665
Principle (Monthly):
137.78
Interest (Monthly):
477.77
Principle (1st Yr):
976.57
Interest (1st Yr):
3332.26
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

848.16
877.18
906.76
936.91

694.85
725.43
756.74
788.77

547.43
580.99
615.55
651.06

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:
26980.00
Length of Mortgage:

20%
30

Monthly Payment: Principle:

Interest:

Total Down Payment Amount: $

Years (Fixed)
$
$

118.12
494.63

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

House Part 4: Real Estate Taxes

Combined Millage of county, municipal and school:
$
43.49
Assessed Value of Home:
$
134.900.00
Yearly Real Estate Tax:
$
5868
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 0.0025 of the
purchase price of your home. (This is the minimum housing insurance, which does not include
earthquake coverage.)
Calculate your monthly house insurance: $ 337.25
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $

67.00