Name:

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Location:

CMU
Mt. Pleasant, Michigan

Housing Location: On Campus

Campus
Housing Type:
Dorms
# of Bedrooms:

Of

Individual Bedrooms
Shared
Bedroom
# of Roommates: 4
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Parking Space
Other:
Football field or Baseball Diamond for
Underclassman
Parking Cost: $
150.00
Meal Plan Included:
Yes
No
Meal Plan Cost:
$
9,088
Included: Unlimited & $150
Flex/semester
Gym:
Yes
No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Store, close
to classes, laundry on every floor
Reasons you chose this College Housing: best for Freshman new to the college life

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

1136/month

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: 15770 Lakeside Village

Dr, Clinton Township, MI 48038

School District:

Chippewa

# of Bedrooms:

Style: Apartment 1 Story

# of Baths: 1
Heated by: Gas
Square Footage:
900
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking

Electric
Yes

No

No
No
Parking Space

Garage

Other:

Parking Cost: $
Included in rent
Included Utilities: Yes
No
Which:
None
Additional Amenities: Gym, pool, sauna, hot tub
Reasons you chose this Apartment: Location and amenities

Apartment Part 2: The Payment

What Would Your Rent Payments Be?

Renters Insurance:
$
Total Monthly Rent Payment:

$
895.00
$21.00
$
916.00

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$46,962

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/aford-borrow.asp
Maximum value that your house can be:

$152,730

You will use the following websites in order to research housing listings. The best
website is listed.
www.remax.com
www.zillow.com
Market value of the house you have chosen: $119,900.00
Properties of the house you have chosen: Fill in the information below
Address: 27932 Shock St.
SCS, MI 48081
School District:

Lakeview

# of Bedrooms:

Style: Bungalow
#of Baths: 1
Type of siding:
Siding Vinyl
Type of roof: shingles
Heated by: Gas
Electric
Square footage:
1002
Lot size:
8276
Garage:
Yes
No
If Yes, Size:
1 Car
Year built:
Fireplace:
Basement:

1938
Yes
Yes

2 Cars

3 Cars

Other:

No
No

List some of the reasons you chose this house:

Cute, appliances included, area/location

, price

House Part 2: The Payment

What Would Your Mortgage Payments Be?

Appox: $429.00/month

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 diferent 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:
Market Value:
$113,905
Principle (1st Yr):
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

119,900- 5% (5995)=

Mortgage Amount:

$1,837.56

Interest (1st Yr):

15 years

20 years

25 years

30 years

842.54
871.37
900.75
930.70

690.24
720.62
751.72
783.54

601.23
633.12
665.88
699.48

543.80
577.14
611.47
646.74

Monthly Payments with a 15% down payment:

Market Value:

119,900
Principle (1st Yr): 4499.75

5,493.01
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

577.14

$5,088.12

119,900- 15% (5995)=

17985

Mortgage Amount: 101,915

Interest (1st Yr):

15 years

20 years

25 years

30 years

753.85
779.64
805.94
832.73

617.58
644.76
672.59
701.06

537.94
566.48
595.78
625.85

486.56
516.39
547.10
578.66

Now that you have looked at some diferent 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

23,980

Years

Monthly Payment: 544.61 Principle:

Interest:

$
$

1292.09
5243.35

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
Credit Report
Loan
Organization
Abstract of Title
Attorney Fee
Documentation
Stamp
Processing Fee
Total Closing
Costs

Cost
$65.00
2% of mortgage

Your Cost
$65.00

$120.00
$250.00
.3% of Mortgage

$120.00
$250.00

1.10% of Mortgage
20% of total
amount of house

$2398

$359.70
$1199
$23,980

House Part 4: Real Estate Taxes

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

$
45.79
119900
$
5490

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: $

100

Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/

Zillow Homeowners Insurance Estimate: $

65