Name:

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Location:

Central Michigan
Mount Pleasant

Housing Location:
Campus
Housing Type:

On Campus

Of

Dorm

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

Shared

Yes
Yes

No
No

No
Other:
150
Yes
8,720

14 swipes per week

Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Reasons you chose this College
Housing:
It is required you
live in the dorms your first two years of
college

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

560.11

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:

17134 E 13 Mile Rd
Roseville

School District:

Roseville

# of Bedrooms:

Style:
# of Baths: 1
Heated by: Gas
Square Footage:
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking
Parking Cost: $
Included Utilities:
Which:

Electric
Yes
No
No
Parking Space

Garage

Other:

no

0
Yes

Additional Amenities:
playground, patio

No
Pool,

Reasons you chose this Apartment:

Close to my family and cheapest
in area.
Apartment Part 2: The Payment
What Would Your Rent Payments Be?
$
$580.00
Renters Insurance:
$
Total Monthly Rent Payment:

$21.00
$
$601.00

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$36,000
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:

$87,826

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: $38,990
Properties of the house you have chosen: Fill in the information below
Address: 17872 E 12 MILE RD,

ROSEVILLE, MI 48066
School District:

Roseville

# of Bedrooms:

Style:
#of Baths: 1
Type of siding:
Type of roof:
Heated by: Gas
Electric
Square footage:
Lot size:
Garage:
Yes
No
If Yes, Size:
1 Car
2 Cars
3 Cars
Other:
Year built: 1939
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:
Close to family and know the
neighborhood

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 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
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:
$2000
Market Value:
40000
Mortgage Amount:
38000
Principle (Monthly):
Interest (Monthly):
Principle (1st Yr):
Interest (1st Yr):
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

281.08
290.70
300.50
310.49

230.27
240.41
250.78
261.40

181.42
192.54
203.99
215.76

15% down Payment Amount:

6000
Market Value:
Principle (Monthly):
Principle (1st Yr):
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

Mortgage Amount:
Interest (Monthly):
Interest (1st Yr):

15 years
Fixed

20 years
Fixed

30 years
Fixed

251.49
260.10
268.87
277.81

206.03
215.10
224.38
233.88

162.32
172.27
182.55
193.05

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:
Length of Mortgage:

20%
30

Monthly Payment: Principle:

Interest:

Total Down Payment Amount: $

8000

Years (Fixed)
$
$

162.14
106.67

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:
Assessed Value of Home:
$
Yearly Real Estate Tax:

$
$

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

IMAGE OF HOMEOWNERS
INSURANCE GRAPH