Niels Abel - Triton College
MAT 102–002
Triton College
Fall 2011
Project 3
Assigned: 26 October 2011
Due: 16 November 2011
Worth: 100 points
Your assignment:
Analyze the purchase of a home (house, condominium, townhouse or loft) using four different mortgage variations.
Your submitted package will include the following in order:
A title page
A copy of an advertisement for a property that is currently for sale.
A narrative paper detailing the costs, payments and affordability of purchasing the property using four different mortgage variations.
Specific directions:
1. Do not use your own financial information for the analyses. Choose one of the following financial profiles instead:
| |Profile 1 |Profile 2 |
|Marital status |Single |Married with one dependent |
|Income |$47,800 |$83,900 joint income |
|Assets |
|Inheritance |$27,600 |$27,600 |
|Savings |$4,650 |$4,990 |
|Car |2002, value: $14,000 |2000, value: $9,000 |
|Liabilities |
|Rent |$975/month |$1,400/month |
|Car payments |$388/month; 36 month loan |$379/month; 12 month loan |
|Car insurance |$234/month |$175/month |
|Health insurance |$340/year |$430/year |
|Student loans |$180/month |$280/month |
2. Describe the types of mortgages that you use in your analyses. You will have to look up the definitions. Commonly used mortgage types include: fixed, adjustable rate mortgage (ARM), Veteran's Administration (VA), Federal Housing Authority (FHA), and Jumbo. Do not pick just one type of mortgage and use four different down payment options.
3. State why you selected the home you selected, and provide an advertisement for the property.
4. For each mortgage type, determine whether the home is affordable for a person with the financial profile you choose. You will have to examine down payment options, fees, charges, property taxes, assessments, insurance and escrow, and monthly mortgage payments. You will have to spell all of these things out in your analyses.
5. Sources of information include realtors, realty agencies, bank websites, and the library. Many loan websites have mortgage calculators, and I recommend using them. When accessing information on the Internet, do not give out your personal information. If possible, find out what you can without giving your name. Do not give out your social security number!
The following is a partial list of websites providing mortgage calculators.
cgi.money.tools/mortgagecalc
finance.calculator/index
mortgage.
c-
blog/mortgage-calculator
mortgage-
mortgage-
calculators/PITI.htm
calculator_payments.cfm
6. Everything you write for this project must be typed! You have access to computers on campus, and almost a month to complete the project, so there are no excuses. Proper English presentation counts. Do not just give me computer printouts! You must write out an explanation about why the property is or is not affordable for each mortgage option.
7. If you need help, ask!
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