Damien Whitmore

Name:
Renting vs. Owning Project: College Campus
College Living Part 1: Location
College:
Central
Michigan University.
Location:
Mt Pleasant Michigan
Housing Location: On Campus
Campus
Housing Type:
Dorm
# of Bedrooms:

Of

Individual Bedrooms
Bedroom
# of Roommates: 1
Bath Attached:
Yes
No
(Community/Shared)
Living Space:
Washer/Dryer:
Fireplace:
Yes
Parking:
Yes
Size: Parking Space
Parking Cost: $
Meal Plan Included:
No
Meal Plan Cost:
$

Shared

Yes
Yes

No
No
No
No

Other:
300
Yes

$232

Included:
Breakfast everyday,
Lunch everyday,and dinner everyday
for the semester.
Gym:

Yes
No
Internet:
Yes
Cable:
Yes
Computer Lab:
Yes
No
Additional Amenities:
showers and bathrooms.

No
No
Shared

Reasons you chose this College Housing:

the cheapest most efective way to go.

it is

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

625

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:
22145 W McNichols Rd,
Detroit, MI 48219 - Redford
School District:
Schools

Detroit Public

# of Bedrooms:

Style: Studio
# of Baths: 1
Heated by: Gas
Square Footage:
750
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size:2 Covered Parking

Electric
Yes
No
No
Parking Space

Parking Cost: $

included

Included Utilities:
Which:
and parking

Yes
No
gas is only included

Garage

Other:

Additional Amenities:
Reasons you chose this Apartment: It is
the cheapest and closest to work I
could find.
Apartment Part 2: The Payment
What Would Your Rent Payments Be?

625

Renters Insurance:
Total Monthly Rent Payment:

$21.00
$
646

Renting vs. Owning Project: Buying a House

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

$2000 monthly

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:

$16,776

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: $

$125,000

Properties of the house you have chosen: Fill in the information below
Address:
22215 HOFFMAN ST, St
Clair Shores, MI 48082
School District:
School

Lake Shore Public

# of Bedrooms:

Style:
Ranch
#of Baths: 2
Type of siding:
Vinyl
Type of roof: Shingle
Heated by: Gas
Square footage:

Electric
1100 sq ft

Lot size:
.5 acres
Garage:
Yes
No
If Yes, Size:
1 Car
Year built:
Fireplace:
Basement:

1949
Yes
Yes

2 Cars

3 Cars

Other:

No
No

List some of the reasons you chose this house:

Close to my house now so I
would be close to family, close to school, perfect size to start a family, reasonable
price.

House Part 2: The Payment

What Would Your Mortgage Payments Be?

$273/ 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:
$118,750
(1st Yr):
$
Monthly
Payment
s
4.0%
4.5%

$601.69

$125,000
Mortgage Amount:
st
Principle (1 Yr): $396
Interest
15 years

20 years

25 years

30 years

40 years

878.33
908.43
939.07
970.29

719.60
751.27
783.70
816.87

626.81
660.05
694.20
729.23

566.93
601.69
637.48
674.25

496.30
533.86
572,61
612.48

5.0%
5.5%

Monthly Payments with a 15% down payment:

Market Value:
$106,250
(1st Yr):
$444
Monthly
Payment
s
4.0%
4.5%

$125,000
Principle (1st Yr):

$444
Mortgage Amount:
$354
Interest

15 years

20 years

25 years

30 years

50 years

785.92
812.81

643.85
672.19

560.83
590.57

507.25
535.35

444.06
477.66
4

5.0%
5.5%

840.22
868.15

701.20
730.88

621.13
652.47

570.37
603.28

512.33
548.01

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:
21,250
Length of Mortgage:

17

%: Total Down Payment Amount:

22

Years

Monthly Payment: Principle:

Interest:

$678
$346

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

$2.075

Abstract of Title

$120.00

$120.00

Attorney Fee

$250.00

$250.00

Documentation
Stamp
Processing Fee

.3% of Mortgage

$311.25

1.10% of Mortgage

$1141,25
$20,750

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:

$
0
103,750
$
$2,233

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.)
5

Calculate your monthly house insurance: $

311.25

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

Zillow Homeowners Insurance Estimate: $

$819.00