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BUY A HOUSE. HOW MUCH HOUSE CAN YOU AFFORD?. GROUP 5. ERICA MCMILLAN- BRADLEY ELLIS – PILAR GONZALEZ. RESULTS HOUSE PRICE /30 years loan. Total mortgage $ 228,600 /monthly $ 1022.95 with 3.47% interest rate Total mortgage $ 141,210 / monthly $634.09 with 3.5% interest rate

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Buy a house

BUY A HOUSE

HOW MUCH HOUSE CAN YOU AFFORD?


Group 5
GROUP 5

ERICA MCMILLAN- BRADLEY ELLIS – PILAR GONZALEZ


Results house price 30 years loan
RESULTS HOUSE PRICE /30 years loan

  • Total mortgage $ 228,600 /monthly $ 1022.95 with 3.47% interest rate

  • Total mortgage $ 141,210 / monthly $634.09 with 3.5% interest rate

  • Total mortgage $120,000 monthly $515.61 with 4.0% interest rate


Results house price 15 years loan
RESULTS HOUSE PRICE/15 YEARS LOAN

  • MORTGAGE $228,600 / $1542.97 MONTHLY PAYMENT / 2.67% INTEREST RATE.

  • MORTGAGE $141,210 / $958.27 MONTHLY PAYMENT/ 2.75% INTEREST RATE.

  • MORTGAGE $ 120,000 / $ 745.83 MONTHLY PAYMENT / 3.00% INTEREST RATE.


House price add 100 00 15 years
HOUSE PRICE / ADD $100.00/15 YEARS

  • MORTGAGE $228,600 /SAVE $3,801.37 FROM THE TOTAL COST

  • MORTGAGE $141.210 / SAVE $3,754.40 FROM THE TOTAL COST

  • MORTGAGE $120,000 /SAVE $4,000 FROM THE TOTAL COST

  • PROS

  • SAVE MONEY

  • FAST PAYING LOAN

  • FAST EQUITY


30 years loan
30 YEARS LOAN

  • PROS

  • Great option for someone who gets paid minimum wage

  • Payments will be lower, so it would be good for a tight budget

  • The extra money can be used to improve and increase the value

  • CONS

  • House will have expensive mortgage

  • No equity soon/minimum 10 years

  • Twice as many payments to be made

  • Higher interest to be paid.

  • Loan will be longer


15 years loan
15 YEARS LOAN

  • PROS

  • Great option to pay mortgage fast

  • Pay less for the total amount of the house

  • Gain equity fast

  • CONS

  • Have to have a permanent higher income to cover other than the mortgage

  • Emergency may occur and we will have to make drastic changes


Conclusions
Conclusions

  • Buy vs. renting

  • Sometimes purchasing a home could be a great investment if you are planning to live in a particular area for at least 10 years in order to make an equity.

  • To buy includes other expenses like fixing and improving while you are there.

  • When we rent we don’t have to worry about those things because the apartments are responsible for that.

  • Renting a home could be more expensive than an apartment because we will be responsible to take care and pay for any damage to the house.

  • Renting does save you money each month, the mortgage is lower than that of a house


New ideas
New ideas

  • Interesting just how much planning goes into buying/renting a house or apartment

  • How powerful math is in everyday life

  • Useful to see different tools and websites

  • To buy a house or rent we need to find out all the details like taxes, future of the area, how long you will stay there and always refinance in case plans change.


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