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.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download