Name:

Samantha scanlon

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Michigan
Location:
Housing Location:
Campus
Housing Type:
# of Bedrooms:

Central
Mt. Pleasant
On Campus

Of

Dorms
1

Individual Bedrooms
Bedroom
# of Roommates: 3
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Parking Space
Under classmen
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$

Shared

Yes
Yes

No
No
No
No

Other:

Football Field and Baseball Diamond for

150.00$
Yes
9088

Included:
Unlimited &
150Flex/semester
Gym:

Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Store, close
to classes, laundry on every floor
Reasons you chose this College Housing:
college life.

Best option for freshmen new to the

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

1136/month

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 Dr,
Clinton Township, MI 48038
School District:

Chippewa

# of Bedrooms:

IMAGE OF APARTMENT

Style: 1 story
# of Baths: 1
Heated by: Gas
Square Footage:
900
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking

Electric
Yes
No
No
Parking Space

Garage

Other:

Parking Cost: $
Included in rent
Included Utilities: Yes
No
Which:
None
Additional Amenities:
sauna,

Gym, pool,

Reasons you chose this Apartment:

Location and amentities

IMAGE OF APARTMENT
FLOORPLAN

Apartment Part 2: The Payment

What Would Your Rent Payments Be?

Renters Insurance:
$
Total Monthly Rent Payment:

$
500+895$/month
$21.00
$
916/month

Renting vs. Owning Project: Buying a House

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

$61,586

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:

$238,807

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: $

119900

Properties of the house you have chosen: Fill in the information below
Address:
27932 Shock, St Clair
Shores
School District:

Lakeview

# of Bedrooms:

Style:
#of Baths:
Type of siding:
Type of roof: Vinyl
Heated by: Gas
Square footage:
Lot size:
Garage:
Yes
If Yes, Size:
Year built:
Fireplace:

Bungalow
1
Plastic
Electric
1002
8276 sq ft
No
1 Car

2 Cars

3 Cars

Other:

1938
Yes

No

Basement: Yes
No
List some of the reasons you chose this house:
good area

Good price and

House Part 2: The Payment

What Would Your Mortgage Payments Be?

429

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:
Market Value:

11900
Principle (1st Yr):

1837.56

113905
Mortgage Amount:
Interest (1st Yr):

5995

5088.12
Monthly
Payments
4.0%
4.5%
5.0%
5.5%

15 years

20 years

25 years

30 years

842.54
871.37
900.75
930.70

690.24
720.24
751.72
783.54

601.23
633.12
665.88
699.48

543.8
577.14
611.47
646.74

Monthly Payments with a 15% down payment:

Market Value:
101,915
Principle (1st Yr):
Monthly
Payment
s
4.0%
4.5%
5.0%

11 9,900-15%(5995)

119,900
4,499.75

Mortgage Amount:
Interest (1st Yr):

15 years

20 years

25 years

30 years

753.85
779.64
805.94

617.58
644.76
672.59

537.94
566.48
595.78

486.56
516.39
547.10

5493.01
50 years

5.5%

832.73

701.06

625.85

578.66

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:
23,980
Length of Mortgage:

20
30

Monthly Payment: $544.62

Interest:

%: Total Down Payment Amount:

Years
Principle:
$
$
5243.35

1292.09

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

$2398.00

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

$359.70

1.10% of Mortgage

$1199.00
$23,980

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:

$
119,900
$

$45.79
5,490

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: $

100

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

Zillow Homeowners Insurance Estimate: $

67/month