Name:

Renting vs. Owning Project: College Campus

College Living Part 1: Location
`

Central

College:

Michigan
Location:

Mount Pleasant,

Michigan
Housing Location:
Off Campus
Housing Type:

On Campus

Dorm
2

# of Bedrooms:

Individual Bedrooms
Shared Bedroom
# of Roommates:
Bath Attached:

Yes

No (Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Parking Space
Other:
Parking Cost: $
Meal Plan Included:
Yes
No
Meal Plan Cost:
$

$8,720 a year,
including dorm
Included:

food and dorm

Gym:

Yes

No
Internet:
Yes
Cable:
Yes
Computer Lab:
No
Additional Amenities:

No
No

Yes

IMAGE OF FLOORPLAN

Private Bathroom
1

Reasons you chose this College Housing:

I have interest in going there, meals are included,

private bathrooms, and close to the campus

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

$400

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
School District:

Rosevile High
2

# of Bedrooms:
Style:

Classical

# of Baths:
1
Heated by: Gas
Electric
Square Footage:
950
Washer/Dryer:
Yes
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking

No

Space
Free

Parking Cost: $
Included Utilities:

Yes

No

Which:

Gas, water, heat

Additional Amenities:

Trash removal and AC

Reasons you chose this Apartment:

Close to Home, allows pets, some free

features, and a pool

Apartment Part 2: The Payment

What Would Your Rent Payments Be?
Renters Insurance:
$
Total Monthly Rent Payment:

675

$21.00
30

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$
4,000

a month

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:

127,243

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: $

115,000

Properties of the house you have

chosen: Fill in the information below
Address:

28404 Shock St, Saint Clair Shores,

MI 48081
3

School District:

Lakeview

# of Bedrooms:
S#of Baths:
Type of siding:
Type of roof:
Heated by: Gas
Square footage:
Lot size:
Garage:
Yes
If Yes, Size:

3
1.5
normal
sloped
Electric
908
8, 200 square feet
No

1 Car

2 Cars

3 Cars

Other:

Year built:
1952
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:

Close to family and friends, big lot,

walking distance to schools, fenced yard

House Part 2: The Payment

What Would Your Mortgage Payments Be?

115,000

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

695.91

Monthly Payments with a 5% down payment:

Market Value:
Monthly
Payment
s
4.0%
4.5%

115,000
Mortgage Amount:
Interest (1 st Yr):4%

115,000

15 years

20 years

25 years

30 years

50 years

800.11
879.74

696.98
727.55

607.01
639.21

548.07
582.69

480.88
517
4

5.0%

909.41
939.65

5.5%

758.95
791.07

672.28
706.20

617.34
652.96

554.53
593.14

Monthly Payments with a 15% down payment:

Market Value:
98,750
Monthly
Payment
s
4.0%

624.74

115,000
Interest (1st Yr):

Mortgage Amount:
4%

15 years

20 years

25 years

30 years

50 years

730.44
755.43
780.91
806.87

598.41
624.74
651.71
679.29

521.24
548.88
577.28
606.41

471.45
500.35
530.11
560.69

412.71
443.94
476.17
509.32

4.5%
5.0%
5.5%

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:
Length of Mortgage:

5
20

Monthly Payment: Principle:

Interest:

%: Total Down Payment Amount:

5,750

Years
$
$

695.91
396.67

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
Description

Cost

Your Cost

Credit Report

$65.00

$65.00

Loan Organization

2% of mortgage

$1,975

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

$296.25

1.10% of Mortgage

$1,086.25
$3,792.50

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:

109.76

115,000
$

2,732

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: $ 340.00
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $

$ 772