Day 3 – Financing
Day 3 – Financing
Mortgage and housing costs Name___________________
Consumer Math Date___________________
You will need to go back to to investigate further. Use the MLS number to find the houses you researched yesterday. (There is a search button for MLS ID)
Find the costs for each of the 3 houses you chose yesterday.
1. House #1 – MLS # ___________ Community _______________
Price _______________ Monthly Payment ____________
Scroll down to Finance Your Home and click on the Mortgage Calculator to find the following information.
Interest Rate _________% Downpayment $________________
Assume Closing costs are 2% of the Price. Find the Closing Costs
$______________________
Add the closing costs to the price of the house $________________
Use the Mortgage Calculator to re-figure your monthly payment (keep downpayment amount the same)
New Monthly Payment $_____________
If your house is under $500,000 assume $1500 in annual property tax.
If your house is over $500,000 assume $3000 in annual property tax.
Divide this by 12 to get monthly tax $_____________
Then add it to your new monthly payment $_______________
Assume at least $300 per month for other household expenses (utilities, etc.) Add this to your new monthly payment above $_____________
2. House #2 – MLS # ___________ Community _______________
Price _______________ Monthly Payment ____________
Scroll down to Finance Your Home and click on the Mortgage Calculator to find the following information.
Interest Rate _________% Downpayment $________________
Assume Closing costs are 2% of the Price. Find the Closing Costs
$______________________
Add the closing costs to the price of the house $________________
Use the Mortgage Calculator to re-figure your monthly payment (keep downpayment amount the same)
New Monthly Payment $_____________
If your house is under $500,000 assume $1500 in annual property tax.
If your house is over $500,000 assume $3000 in annual property tax.
Divide this by 12 to get monthly tax $_____________
Then add it to your new monthly payment $_______________
Assume at least $300 per month for other household expenses (utilities, etc.) Add this to your new monthly payment above $_____________
3. House #3 – MLS # ___________ Community _______________
Price _______________ Monthly Payment ____________
Scroll down to Finance Your Home and click on the Mortgage Calculator to find the following information.
Interest Rate _________% Downpayment $________________
Assume Closing costs are 2% of the Price. Find the Closing Costs
$______________________
Add the closing costs to the price of the house $________________
Use the Mortgage Calculator to re-figure your monthly payment (keep downpayment amount the same)
New Monthly Payment $_____________
If your house is under $500,000 assume $1500 in annual property tax.
If your house is over $500,000 assume $3000 in annual property tax.
Divide this by 12 to get monthly tax $_____________
Then add it to your new monthly payment $_______________
Assume at least $300 per month for other household expenses (utilities, etc.) Add this to your new monthly payment above $_____________
Extra Credit: Use the last number above to determine the following.
Your monthly payment (above) is supposed to be (FHA guidelines) 35% of your income. Find out what your monthly income would need to be if you want to fall within these FHA guidelines.
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