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Home Buying-2

This document provides information about Brant Lin's housing options for college at New York University. It includes details about on-campus housing which would cost $2,395 per month. It also examines renting an off-campus apartment located near the school for $2,416 per month including renters insurance. Finally, it explores options for buying a house, identifying a $580,000 home that Brant could afford with a 5.5% interest 30-year fixed rate mortgage requiring a monthly payment of $3,128.52.

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45 views6 pages

Home Buying-2

This document provides information about Brant Lin's housing options for college at New York University. It includes details about on-campus housing which would cost $2,395 per month. It also examines renting an off-campus apartment located near the school for $2,416 per month including renters insurance. Finally, it explores options for buying a house, identifying a $580,000 home that Brant could afford with a 5.5% interest 30-year fixed rate mortgage requiring a monthly payment of $3,128.52.

Uploaded by

api-285577701
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1/ 6

Name:

Brant Lin

Renting vs. Owning Project: College Campus


College Living Part 1: Location
College:

New York University

Location:
New York
Housing Location: On Campus
Of
Campus
Housing Type:
Apartment
# 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:
$

1
Shared
1

Yes
Yes

No
No

E OF ROOM

No
Other:
Free
Yes

Included:
Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
32 TV
refrigerator
Sink cooktop, microwave and
basic serving ware and utensils

Reasons you chose this College Housing: High quality of room. It provides a great
environment to help students to live. There are many convenient shop and public
building locate around the apartment

College Housing Part 2: The Payment


What Would Your Housing Payments Be Per Month? $

$2,395

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:

262 W 22nd St, New York,

NY 10011
School District:
Village

Greenwich

# of Bedrooms:

Style:

modern

# of Baths:
1
Heated by: Gas
Electric
Square Footage:
600 sq ft
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking Space
Parking Cost: $
Included Utilities:
Which:
famous place

Garage

Other:

Free
Yes
No
locates next to a

Additional Amenities:

Beautiful Highline
Terrace and Chelsea piers are just few blocks away.

Reasons you chose this Apartment:


Verywelcomingonebedroomapartment.
Its near to the New York University. In
other words, it locates next to the center of
academy. It can create a great future for

next generation.

Apartment Part 2: The Payment


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

$
2395
21.00
$
2416

Renting vs. Owning Project: Buying a House


House Part 1: Finding the House
Income level you have been given:
$
11310

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.

Maximum value that your house can be:

$624,591

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: $

580k

Properties of the house you have chosen: Fill in the information below
Address:
21 Leonard Ave,
Tenafly, NJ 07670
School District:

Tenafly

# of Bedrooms:

Style: Modern
#of Baths: 2.5
Type of siding:

Stucco

IMAGE OF HOUSE

Type of roof: Gable


Heated by: Gas
Electric
Square footage: 1705 sqft
Lot si
5502sqft
Garage:
Yes
No
If Yes, Size:
1 Car

2 Cars

3 Cars

Other:

Year built:
1900
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house: Charming Cape located on a residential street close
to school and public transportation. Updated kitchen, living room and dining room with open layout, expanded
master bedroom with skylights, master bath with Jacuzzi, inviting wrap around deck and fenced in backyard.

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:
$29,000
Market Value:
$580,000
Mortgage Amount:
$551000
Principle (Monthly):
$1530.46
Interest (Monthly):
$1100.10
Principle (1st Yr): $9,703.31
Interest
st
(1 Yr):
$21,863.41
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

4075.6
8
4215.1
1
4357.2
7
4502.1
3

3338.9
5
3485.9
0
3636.3
6
2790.2
6

2630.56
2791.84
2957.89
3128.52

15% down Payment Amount:


87000
Market Value:
580,000
Mortgage Amount:
49,3000
Principle (Monthly):
1369.36
Interest (Monthly):

Principle (1st Yr):

984.30
(1 Yr):
19561.99
st

Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

8681.93

15 years
Fixed

20 years
Fixed

30 years
Fixed

3646.6
6
3771.4
2
3898.6
1
4028.2
2

2987.4
8
3118.9
6
3253.5
8
3391.2
8

2353.66

Interest

2497.96
2646.53
2799.20

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:
116000
Length of Mortgage:

20%
30

Monthly Payment: Principle:


Interest:

Total Down Payment Amount: $


Years (Fixed)
$
$

1290.92
1434.62

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:

$12,320
$580,000
$12,320

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: $ 145
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $ 67

GRAPH

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