Home Buying-1

Name:
Andy Chen He
Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Location:
Housing Location: On Campus
Campus
Housing Type:
Apartment
# of Bedrooms: 1
Individual Bedrooms
Bedroom
# of Roommates: 5
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
No
Washer/Dryer:
No
Parking:
Yes
Type: Parking Space
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$
Of
Shared
Yes
Yes
No
Other:
Yes
Included:
Gym:
Yes
No
Internet:
Yes
Cable:
Yes
Computer Lab:
Yes
No
Additional Amenities:
Printing room
Airport
transportation
Major Concerts
No
No
Reasons you chose this College Housing:

It is near to the class room and I can meet lots of interesting roommates.
Meanwhile, it has the good room condition, and it not very expansive and near to
school. Meanwhile, it provide us the free wifi and tuition, which is good for my
academic works.
College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $
700-850
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: 177 W Hartley Dr, High Point,
NC 27265
School District:
833 Montlieu
Avenue, High Point, NC 27268
# of Bedrooms:
Style: Single Apartment

# of Baths: 2
Heated by: Gas
Square Footage:
Electric
900 sq Ft
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking
Yes
Parking Cost: $
25/ month
Included Utilities:
Yes
No
No
Parking Space
Garage
Other:
No
Additional Amenities:
Fitness Center, Pool, Picnic Area,
Sundeck, Business Center, Clubhouse,
Breakfast/Cofee Concierge
Reasons you chose this Apartment:
The price is fair enough and
close to the school. Meanwhile, its interior design and outside environment is pretty
beautiful and big enough for me, complete furniture.
Apartment Part 2: The Payment

What Would Your Rent Payments Be?
Renters Insurance:
$
Total Monthly Rent Payment:
$
700-1000
$21.00
$
721-1021
Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$
5000
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:
1,100.00
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: $
104,999
Properties of the house you have chosen: Fill in the information below
Address: 416 Shadybrook Road, High
Point, NC 27265
School District: 833 Montlieu Avenue,
High Point, NC 27268
# Of Bedrooms:
3
Style: Single family
#of Baths: 2
Type of siding:
Brick siding
Type of roof: Wood + fiber roof
Heated by:
Gas
Electric
Square footage: 1098

Lot size: 16,000sq ft.
Garage:
Yes
No
If Yes, Size:
1 Car
2 Cars
3 Cars
Other:
Year built:
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:
The price of the house is fair, the exterior of the house is
suit for me and the interior is very beautiful, the size of house is big enough for me.
Meanwhile, there are some Asian lives in this neighborhoods , and the average age
of them are 24-44, which means almost energetic but mature.
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:
5249.95
Market Value:
$104,999
Mortgage Amount:
$171,434.76
Principle (Monthly):
$554.15
Interest (Monthly):
$183.67
Principle (1st Yr):
$
929.87
Interest
(1st Yr):
$
2607.95
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
15 years
Fixed
20 years
Fixed
30 years
Fixed
737.82
763.06
788.39
815.02
604.45
631.05
658.29
686.15
476.21
505.4
535.46
566.35
15% down Payment Amount:

15749.85
Market Value:
$104,999
Mortgage Amount:
$135512.21
Principle (Monthly):
$495.83 Interest (Monthly):
$164.34
Principle (1st Yr): $909.2
Interest (1st Yr): $2073.43
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
15 years
Fixed
20 years
Fixed
30 years
Fixed
600.17
682.75
705.78
686.34
540.83
564.63
589
577.82
128.59
452.21
479.11
476.94
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:
20999.8
Length of Mortgage:
20%
30
Monthly Payment: Principle:

Interest:
Total Down Payment Amount: $

Years (Fixed)
$
$
233.33
243.61
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:
$
$
24.81
104,999
2,605
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: $ 80
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $
67

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Name:

Renting vs. Owning Project: College Campus

Reasons you chose this College Housing:

College Housing Part 2: The Payment

Renting vs. Owning Project: Renting an Apartment

Style: Single Apartment

Apartment Part 2: The Payment

Renting vs. Owning Project: Buying a House

Square footage: 1098

House Part 2: The Payment

15% down Payment Amount:

Monthly Payment: Principle:

Total Down Payment Amount: $

House Part 3: Closing Costs

House Part 4: Real Estate Taxes

House Part 5: Home Owners Insurance

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