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How to Complete Activity 78 “Housing”Go to my website: cabrilloccr..Hover over, “Helpful Class Links” and choose, “Housing Links.”Scroll down to the bottom of the page and use any of the following links to search for a home:Find the home you’d like to purchase that is:Under $500,000.00In the United StatesNot a foreclosure, short-sale, or bank owned home.Open up the, “Mortgage Calculator” on my website and follow the directions on step 6.Monthly Payment: Utilize the Mortgage Calculator from my website.Place the amount of the house you researched in the, “Home Value?” box.The calculator will AUTOMATICALLY put 20% down payment in the box. This is GREAT!!! You will need to give the bank the amount of money indicated in the, “Down Payment” box BEFORE they will give you the rest of the money to borrow for the home. (Debt is DUMB!!!!)Choose the number of years you want to pay off your home. 30 years is what most people take out a mortgage, but a 15 year mortgage with monthly payments of 25% of your pre-tax income is best. Place this number in the, “Type of Mortgage” box. The amount of interest you will pay on a 15 year mortgage will be SIGNIFICANTLY LOWER than a 30 year mortgage!Place 5.0 in the,” Interest Rate box.The total will be shown below the big, “O” on the right side of the screen. Put this number in Chapter 4, “Housing p. 78” under, “Monthly Payment/Rent” box.Monthly Property Taxes:Go to the property tax calculator from my website.Place the state, county the home is located, and the value of the home in the boxes provided.If you do not know the county the home is located in, you will need to do a Google search for it. Example: “What county is Lake Elsinore, Ca in?”Take the number provided by the calculator and divide it by 12. The number will be located just under the , “Estimate My Tax” button.Place that figure in the, “Monthly property taxes line on Activity 78.Monthly Insurance: Place $100 on the “Monthly insurance” line.Total Utilities/PhoneAverage prices for utilities are the following in the Village. If you have a small home, use the smaller number. Larger home, use the higher number. Gas: $50-$70 per monthElectricity $50-$100 per monthPhone $80 - $200 per month. (Depends on what provider you use and how many people are on your plan.)Water/Sewer $120 ................
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