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Renting vs.
Owning Project: College Campus

College Living Part 1: Location
College:
CMU
Location:
Mt. Pleasant
Housing Location: On Campus
Campus
Housing Type:
Dorm
# of Bedrooms:
Of
Individual Bedrooms
Shared
Bedroom
# of Roommates: 4
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: $
150.00
Meal Plan Included:
Yes
No
Meal Plan Cost:

$
9,088/year
Included:
Unlimited & $150 Flex/semester
Gym:
Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Store, Laundry on every floor
Reasons you chose this College Housing: Best for Freshman
College Housing Part 2: The Payment
What Would Your Housing Payments Be Per Month? $

758/mth
9,088/year
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: 15770 Lakeside Village Drive
Clinton Township, MI 48038
School District:
Chippewa
# of Bedrooms:
Style: Apartment
# of Baths: 1
Heated by: Gas
Electric
Square Footage:
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking
Space
Garage
Other:
Parking Cost: $
Included in rent
Included Utilities: Yes
No
Which:
none
Additional Amenities:
Gym, pool, sauna, hot tub
Reasons you chose this Apartment:
Location and amenities
Apartment Part 2: The Payment

What Would Your Rent Payments Be?
Renters Insurance:
$
Total Monthly Rent Payment:
$
845.00
21.00
$
866.00
Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$61,560
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:
$233,052
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: $
136,500
Properties of the house you have chosen: Fill in the information below
Address: 1010 Front St. Apt. C202
Lahaina, HI 96761
School District: Lahaina Public Schools
# of Bedrooms:
2
Style: Studio
#of Baths: 1
Type of siding:
Wood
Type of roof: Shake Shingle
Heated by: Gas
Electric
Square footage:
324
Lot size:
324
Garage:
Yes
No
If Yes, Size:
1 Car
2 Cars
3 Cars
Other:
Parking
Year built: 1979
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:
Only house in my price range
http://www.zillow.com/homes/for_sale/71766313_zpid/0-200000_price/0716_mp/any_days/20.903039,-156.643195,20.857569,156.697612_rect/13_zm/1_fr/
House Part 2: The Payment
What Would Your Mortgage Payments Be?
$489 / month
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
Monthly Payments with a 5% down payment:
$654.04
Market Value:
136,500 (5%)
6825=
129,675
Principle (1st Yr):
$5792.58
Mortgage Amount:
$2091.90
Interest (1st Yr):
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
15 years
20 years
25 years
30 years
959.19
992.01
1025.4
6
1059.5
5
785.80
820.39
855.80
684.47
720.78
758.07
619.09
657.04
696.12
892.02
796.32
736.28
Monthly Payments with a 15% down payment:

Market Value:
$116,025
5182.84
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
587.88
136,500 (15%) 20,475

Mortgage Amount:
st
Principle (1 Yr): 1871.72
Interest (1st Yr):
15 years
20 years
25 years
30 years
858.22
887.58
917.52
948.02
703.09
734.03
765.71
798.12
612.42
644.90
678.27
712.50
553.92
587.88
622.85
658.78
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:
20%: Total Down Payment Amount:
Length of Mortgage:
27,300
30 Years
Monthly Payment: $ 620.03

Principle:
Interest:
$
$
1471.07
7440.36
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
$2730
Abstract of Title
$120.00
$120.00
Attorney Fee
$250.00
$250.00
Documentation
Stamp
Processing Fee
.3% of Mortgage
$4095
1.10% of Mortgage
$1501
$27300
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:
$
N/A
136,500
$
236
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.)
5
Calculate your monthly house insurance: $
$69/mth
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/

Zillow Homeowners Insurance Estimate: $ $67/mth

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Renting vs.

Owning Project: College Campus

Meal Plan Cost:

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

Renting vs. Owning Project: Renting an Apartment

Apartment Part 2: The Payment

Renting vs. Owning Project: Buying a House

Only house in my price range

Monthly Payments with a 5% down payment:

Monthly Payments with a 15% down payment:

136,500 (15%) 20,475

20%: Total Down Payment Amount:

Monthly Payment: $ 620.03

House Part 3: Closing Costs

Total Closing Costs

20% of total amount

House Part 4: Real Estate Taxes

House Part 5: Home Owners Insurance

Calculate your monthly house insurance: $

Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/

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