Name:

Breanna Koliba

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Northwood University
Location: Midland, Michigan
Housing Location: On Campus
Off Campus
Housing Type: Apartments
# of Bedrooms:
6
Individual Bedrooms
Shared
Bedroom
# of Roommates: 6
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Parking Space
Other:
N/A
Parking Cost: $
50 Pass
Meal Plan Included:
Yes
No
Meal Plan Cost:
$4590.00
Included:
Gym:

Yes

No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities: Air
Conditioning, Located Near
Cafeteria, 24 Hour Security, Large
shared living space
Reasons you chose this College Housing: Of my three options, the Naegle
Village apartments fit my preferences the best. I prefer having my own
room and more than one bathroom (especially if Im expected to share),
but also a larger, connected living space so Im not always cooped up in
my room.

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $5000 per school year,
Roughly $555.56 per month
Source: Room and Board Costs
Northwood Residency Options
Renting vs. Owning Project: Renting an Apartment
Apartment Part 1: Finding the Apartment
Properties of the apartment you have chosen: Fill in the information below:
Helpful Resource: http://www.apartments.com/
Address: 701 Townsend ST#A,
Midland, Michigan. 48640
School District:
Midland School
District
# of Bedrooms:
2
Style: Townhouse
# of Baths: 1
Heated by: Gas
Electric
Square Footage: Unlisted
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking
Space
Garage
Other:
Parking Cost: $
Included Utilities: Yes
No
Which:
Water
Additional Amenities: Close to
Downtown, Laundry, Kitchen
Appliances included,
Reasons you chose this Apartment: It
is close to Northwood. In the case
that I stay off campus, Id need an
apartment nearby (which Id
almost prefer over dorms) and I
like that the water is included. I
can sacrifice not being able to get
a pet for something nice like that.
Source: http://www.zillow.com/homes/for_rent/Midland-TownshipMI/house,condo,apartment_duplex,mobile,townhouse_type/2099557404_zpid/39921
6_rid/any_days/43.630422,-84.113131,43.559931,-84.280672_rect/12_zm/?
3col=true
Apartment Part 2: The Payment
What Would Your Rent Payments Be?

$605 per month

Renters Insurance:
Total Monthly Rent Payment:

$21.00
$
$626

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:$65,940 per year (Source: OOH-Accountant )
(5495 per month)
You will have to go to the following website in order to determine how much you are
able to spend on your house. You can select a house that is less than the maximum
value, but you may not select a home that is over the maximum value given to you
by the calculator.
www.interest.com/content/calculators/afford-borrow.asp
Maximum value that your house can be: $$265,096 for 30yr mortgage
You will use the following websites in order to research housing listings. The best
website is listed.
www.remax.com
www.zillow.com
Source: http://www.zillow.com/homes/for_sale/Saint-Clair-Shores-MI48082/house_type/83527293_zpid/78956_rid/1-_beds/100000-250000_price/357893_mp/any_days/globalrelevanceex_sort/42.551246,-82.842193,42.499187,82.918582_rect/13_zm/?3col=true
Market value of the house you have chosen: $176,999
Properties of the house you have chosen: Fill in the information below
Address: 24040 Deanhurst St, St.
Clair Shores MI 48082
School District:
Lake Shore Public
Schools
# of Bedrooms:
3
Style:House, Ranch
#of Baths: 1.5
Type of siding: Brick
Type of roof: Unlisted
Heated by: Gas
Electric
Square footage: $1,724
Lot size: .32 acres
Garage:
Yes
No
If Yes, Size:
1 Car
2 Cars
3 Cars
Other:
Year built: 1940
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house: Close to home, Larger yard for a
dog, Surround Sound/Speaker system, AC, Lots of windows, and hardwood
floors.

House Part 2: The Payment

What Would Your Mortgage Payments Be? $632 per month (with 20% down
payment)
Now that we know what the total cost of our house is, we are going to determine
what our monthly payments will be based on different interest rates, down
payments, and terms. Use the following website to determine the mortgage
monthly payment.
http://www.interest.com/content/calculators/new/armvsFixed.asp
Monthly Payments with a 5% down payment: $753
Market Value:
$176.999
$5133.00
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

$176,999
Principle (1st Yr): $2,855.43
15 years

20 years

25 years

Mortgage Amount:
Interest (1st Yr):
30 years

50 years
(Unlisted so Im
using 40)

1,308.2
4
1,834.3
9
1,877.3
5
1,446.2
3

1,072.5
8
1,119.7
8
1,168.1
2
1,217.5
5

934.27

845.02

739.75

983.82

896.83

795.72

1,034.7
2
1,086.9
3

950.17

853.48

1,004.98

912.91

Monthly Payments with a 15% down payment:

Market Value:
176,999
$176.999
Principle (1st Yr): $26,550
Monthly 15 years 20 years
Payment
s
4.0%
1113
912
4.5%
5.0%
5.5%

1151
1190
1229

952
993
1035

Mortgage Amount:
Interest (1st Yr): $2271.5
25 years
30 years
50 years

794
836
880
924

718
762
808
854

580
631
683
737

Now that you have looked at some different monthly payments available, select an
option USING ONLY THE 5.5% interest rate, as this is the closest to the current
mortgage rate right now.

Down Payment:

20%: Total Down Payment Amount:

Length of Mortgage:

30 Years

Monthly Payment: Principle:

Interest:

$804
$125.78

$35,400

House Part 3: Closing Costs

With all purchases of homes there are closing costs involved. We are going to use
the following table to calculate the closing costs. Snip you closing costs and attach
it below.
https://smartasset.com/mortgage/closing-costs
Description

Cost

Your Cost

Credit Report

$65.00

$65.00

Loan Organization

2% of mortgage

$3539.98

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

5309.67

1.10% of Mortgage

1946.989
35399.8

Total Closing Costs

20% of total amount

of house

House Part 4: Real Estate Taxes

Combined Millage of county, municipal and school:
Assessed Value of Home:
Yearly Real Estate Tax:

$107.7
$176,999
$7,922

https://treas-secure.state.mi.us/ptestimator/ptestimator.asp

House Part 5: Home Owners Insurance

You will also have to purchase house insurance, which costs a yearly average of 0.3% of the
purchase price of your home. (This is the minimum housing insurance, which does not include
earthquake coverage.)
Calculate your monthly house insurance: $530.997
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/

Zillow Homeowners Insurance Estimate: $800