Www.fortbendisd.com



Buying and Financing a Home ProjectStudent Task SheetName: Insert your name hereDue Date: 5/17/18Student Worksheet QuestionsWhat is your desired Career?Insert your answer here Go to the following website, and insert your ANNUAL median pay below: Insert your answer hereNow determine your GROSS MONTHLY pay (you can simply divide your annual by 12). Insert your answer hereNow go to this website to determine how much you can afford to spend on a house Insert your affordability here600075212725182880021272536004508890000Please be sure that your salary is the only thing different from the chart presets that I have listed below. Also make sure that you have clicked at the bottom of the page. -304800165100THIS IS VERY RISKY (the lower the better). 43 is the MAX allowed on loans00THIS IS VERY RISKY (the lower the better). 43 is the MAX allowed on loans5666105167640See the last pages for an explanation of what these terms mean00See the last pages for an explanation of what these terms mean3857663121030074295130734100Now go to one of the following websites to find a home in your price range. Set the filters accordingly. In addition, location is extremely important. Please select the city that you plan on purchasing a home in once you have your career as an adult. Website Choices: , , . All of these websites provide essentially the same service, they just have different interfaces. Please use the one that you are most comfortable navigating. Once you have found a house, please fill in the answers below:What is the total price of your selected house?Insert your answer hereWhat will your monthly payments be? Go to this link to input your info: *Please see the presets from above. As a reminder, your down payment is 0, home insurance is 800 yearly, property taxes are 1.2 %, your interest rate is 3.99%, and your loan term is 360 months. Be sure to select advanced to enable you to input this information. Insert your answer hereWhat is your address?Insert your answer hereTell me a few details about your house, including but not limited to the square footage, the amount of bedrooms and bathrooms, etc. Insert your answer hereNow take this monthly mortgage payment, and divide it by your monthly paycheck. What percentage of your monthly income is your home? – don’t forget to move the decimal over 2x for the percentage!Insert your answer hereGo to MAPQUEST and get driving directions from your current home to your new home. Write how many miles apart the homes are.Insert your answer here Now go to the following website to determine how much relocating is going to cost you (approximate answer here, we just need a general ballpark figure): **If your move is very short distance, this website will not calculate this. Research on your own for the costs of a U-haul and any labor fees you may need). Insert your answer hereAfter the move ……….Now that you’ve moved, you have decided that you want a few home renovations and improvements. You want to install laminate or wood flooring in the living room and have the heavily traveled carpet removed. Figure out one-fourth of your monthly pay- (divide what you make each month by 4). This is the amount you can afford to spend. Notes:The room in your house that you are purchasing the flooring for is 13 feet by 20 feet. Figure out the area of your floor (A=lw), then go to: You will need to determine how many packages of flooring you will need to cover your area (Take the area and divide by how many square feet are in one box). You must also determine if you will need underlayment and trim. Some flooring comes with underlayment, some do not. You will need to research this (the Home Depot calculator helps you with this). You must also include carpet removal, labor and installation costs (also on the Home Depot calculator).What is the total cost of your laminate or wood floor with installation and labor fees? You need to go into detail here about your costs. I will also except a screen shot from the home detail page detailing your selections. Insert your answer here Now select two more items that you think you will want after you move in. I want you to choose items that you would actually purchase in the future. For example, you may want a new closet arrangement, a patio grill, new bedroom furniture, a lawn mower, a new fridge, etc.. You can base these two decisions on your own personal preferences, and the existing status of the house you have selected to purchase. List your two items and their cost below:Insert your answer here Last, I want you to make a flyer (it can be in this document after your answers, or in a separate document, please title accordingly). In your flyer I want you to include at least 3 pictures of your house, location of the house, the total final sale price of the house, your career choice, annual GROSS salary, and your total monthly mortgage payments. Please do not include the other details. SEE MY EXAMPLE ON THE LAST PAGE!My House Flyer Example-194310383349500356889038339210014725652749550050069752984501234 My Address,Chattanooga, TN 12345001234 My Address,Chattanooga, TN 12345-266700277495Final Sale Price: 150,0000Final Sale Price: 150,000Career Choice: TeacherGross Salary: 37,064Monthly Mortgage Payment: 1,090.09Create Flyer on This Page ................
................

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

Google Online Preview   Download