Name:

Caroline Lin Zhibin

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
University of
Washington
Location:

Washington State

Housing Location:
Campus
Housing Type:

On Campus

Of

Residence

# of Bedrooms:
Individual Bedrooms
Bedroom
# of Roommates:

Shared

Bath Attached:
Yes
No (Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Parking:
Yes
No
Type: Parking Space
Other:
Parking Cost:
$0
Meal Plan Included:
No
Meal Plan Cost:

Yes
$ Not mentioned

Included: Kitchen, laundry

Gym:
No
Internet:
Cable:
Computer Lab:
No

Yes
Yes
Yes

No
No
Yes

Additional Amenities:

Game rooms, volleyball courts and study lunges

Reasons you chose this College Housing: It would be safer to live inside of my
school and more convenient for me to study in the school. The price is also
cheaper.
College Housing Part 2: The Payment
What Would Your Housing Payments Be Per Month? $ 2,000
a
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: 731 Ocean Ave,
Washington, CT06320
Washington
School District:

Seattle CT 06296

# of Bedrooms:
Style: Lifestyle

# of Baths: 2
Heated by: Gas
Electric
Square Footage:
1763
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking Space
no
Parking Cost: $0
Included Utilities:
Which:

Yes

Garage

Other:

No

Additional Amenities:
Including
dinner, breakfast and free wifi.

Reasons you chose this Apartment:

It is near to the sea and I love the sea
so much, the environment is really good and the price is very reasonable. I
saw the pictures on the internet are really attractive and its convenient
for me to get to school as well.

Apartment Part 2: The Payment

What Would Your Rent Payments Be?
Renters Insurance:
$
Total Monthly Rent Payment:

$
1800
21.00
$
1821

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$
5000
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:

158876

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: $

149500

Properties of the house you have chosen: Fill in the information below
Address:
14401446 Tuckerman
ST, NW #101, Washington DC 2011
School District:

Washington DC

# of Bedrooms:

Style:

condo

#of Baths:

Type of siding:
Type of roof:
Heated by: Gas
Square footage:
Lot size:

wood
bright wood
Electric
4503

not mentioned

Garage:
Yes
If Yes, Size:

No
1 Car

2 Cars

3 Cars

Other:

Year built:
1941
Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house:
Even though the house is
somehow old, the environment around the house is really good and its
cleaning.
House Part 2: The Payment
What Would Your Mortgage Payments Be?

$140000

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:

$ 1,123.12

http://www.interest.com/mortgage/calculators/mortgage-calculator/
Be sure to locate the Amortization Table and change to monthly to find payment
amounts
Market Value:
$149,500
Mortgage Amount:
st
$142,025
Principle (1 Yr): $531.35
Interest (1st Yr):
$591.77
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years

20 years

25 years

30 years

1050.5
4
1086.4
8
1123.1
2
1160.4
6

860.64

678.05

898.52

719.62

937.30

762.42

976.97

806.40

50 years

Monthly Payments with a 15% down payment:

Market Value:

$149,500
Principle (1st Yr): $447.46

Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

$945.79
Mortgage Amount:
Interest (1st Yr):

15 years

20 years

25 years

30 years

939.77
971.92
1004.7
0
1038.1
0

769.90
803.78
838.47

606.56
643.74
682.03

873.96

721.38

$127,050
$498.33

50 years

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:
119,600
Length of Mortgage:

20
30

Monthly Payment: Principle:

Interest:

%: Total Down Payment Amount:

Years
$
$

143.71
498.33

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

House Part 4: Real Estate Taxes

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

$
23.71
135,500
$
3,545

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: $

40.92

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

Zillow Homeowners Insurance
Estimate: $ 37