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Raven Clark
1-2-4
Individual Bedrooms
# of Roommates: 2/3
Bath Attached:
Yes
Living Space:
Yes
Washer/Dryer:
Yes
Fireplace:
No
Parking:
Yes
Size: Parking lots near front
Parking Cost: $
150
Meal Plan Included:
Yes
Meal Plan Cost:
$4544 unlimited
Gym:
Yes
Internet:
Yes
Cable:
Yes
Computer Lab:
Yes
Additional Amenities: 400+ student
organizations
Reasons you chose this
College Housing: It is a far distance
from home and it would be a good
experience to live on campus and be
on my own.
2-4
Style: Village
# of Baths: 2-4
Heated by:
Electric
Square Footage: 1380sq ft
Washer/Dryer:
Yes
Fireplace:
Parking:
Yes
Size:
Parking Space
Garage
Parking Cost: $150
No
$394
$21.00
$415
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:
$990 a month
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: $$ 154,900
house you have chosen: Fill in the information below
Address:35244 Silver Maple
Properties of the
Electric
Garage:
Yes
If Yes, Size:
2 Cars
Other:
Year built:2004
Fireplace:
Yes
Basement: Yes
List some of the reasons you chose this house: Good location, very peaceful, good
size, 2 bathrooms, garage, and good school district.
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
Monthly Payments with a 5% down payment:
Market Value:
$154,900
$784.86
Interest (1st Yr): $645
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%
$831.54
Mortgage Amount:
Principle (1 Yr): $832
st
15 years
20 years
25 years
30 years
1145.7
8
1184.7
5
1224.9
4
1265.6
6
938.66
817.62
739.52
979.97
860.98
784.86
1022.2
7
1065.6
4
905.53
831.54
651.22
879.51
154,900
Mortgage Amount:660.42:
Interest
15 years
20 years
25 years
30 years
1479.3
8
1529.9
9
1581.5
9
1634.1
7
1211.9
6
1265.3
0
1319.9
1
1375.7
7
1055.6
7
1111.6
6
1169.1
8
1228.1
7
954.83
1013.67
1073.64
1335.58
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:
15
Length of Mortgage:
15Years
$1634.17
$2500.00
$232.25
Cost
Your Cost
Credit Report
$65.00
$65.00
Loan Organization
2% of mortgage
$265
Abstract of Title
$120.00
$120.00
Attorney Fee
$250.00
$250.00
Documentation
Stamp
Processing Fee
.3% of Mortgage
$361
1.10% of Mortgage
$65
$4551
$39.89
$154900
$57.89
https://treas-secure.state.mi.us/ptestimator/ptestimator.asp