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Housing Project

Housing Project. Accounting and Investment Principles Matt Filek Mrs. Bardo Period 2. Personal Information.

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Housing Project

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  1. Housing Project Accounting and Investment Principles Matt Filek Mrs. Bardo Period 2

  2. Personal Information I am a nurse and my spouse is a physical therapist. I would like a fabulous home, preferably near Lake Michigan that I can afford on a income of $110,000. I have a down payment of $15,000

  3. Maximum Monthly Payment Calculations • Formula : (Total Salary * 30%)/12 months • Maximum Monthly Payment : ($110,000 * 30%)/ 12 = $2,750

  4. Housing Option 1: Location 11056 South Avenue F Chicago, IL 60617

  5. Housing Option 1: Description • Great single family home • Full basement with high ceilings • Looks out to walking bike path • Only 3 miles to lake Michigan Lake shore

  6. Housing Option 2: Specs • 4 beds • 2 baths • 1 half bath • 2,300 sq ft

  7. Housing Option 1: Additional Pictures

  8. Housing Option 1: Financing • Cost: $275,000 • Down payment: $15,000 • Loan: $260,000 • Annual Property Tax: $4,198 • Monthly Property Tax: $349.83 • Monthly PMI: $108.33 • Estimated Monthly Payment: $1,744.07

  9. Housing Option 2: Location 2710 East 75th Street Chicago, IL 60649

  10. Housing Option 2: Description • Over 50 years old • Newly rehabbed • Walking distance from lake and public transportation • Has a deck, porch, and basement

  11. Housing Option 2: Specs • 4 beds • 2 baths • 1 Fireplace • 2,600 sq ft

  12. Housing Option 2: Additional Pictures

  13. Housing Option 2: Financing • Cost: $250,00 • Down payment: $15,000 • Loan:$235,000 • Annual Property Tax: $953 • Monthly Property Tax: $79.41 • Monthly PMI: $97.92 • Estimated Monthly Payment: $1,340.95

  14. Housing Option 3: Location 6947 South Euclid Avenue, Chicago, IL 60649

  15. Housing Option 3: Description • Detached 2 car garage with side driveway • 3 story home • Coach house • Harwood flooring • Located near Jackson Park • Just a few blocks from the lake shore

  16. Housing Option 3: Specs • 4 beds • 3 baths • 1 half bath • 4,000 sq ft • Coach house

  17. Housing Option 3: Additional Pictures

  18. Housing Option 3: Financing • Cost: $325,000 • Down payment: $15,000 • Loan: $310,000 • Annual Property Tax: $9,152 • Monthly Property Tax: $762.67 • Monthly PMI: $129.17 • Estimated Monthly Payment: $2,425

  19. I Would Buy… Housing Option 3: 6947 South Euclid Avenue, Chicago, IL 60649

  20. Reasoning • Has monthly payment of $2,425 can afford a monthly payment of $2,750 • 4,000 sq ft • Located a few blocks from lake shore • Coach house • Detached 2 car garage • Most value for your dollar

  21. Housing Option 3: Additional Pictures

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