Home buying part 1
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You are a homebuyer. But you want to be sure that you can afford it. Surf online to find the house you would like to purchase. After finding the base price, research what will be added to this cost for your mortgage and what those values would be for your community. Add the current interest rate, insurance, taxes, realtor fees, and so forth to come up with your monthly payment on a 30 year mortgage. Multiply that by 360 months, and that is how much the house will actually “cost” you. Provide your calculations to your teacher.
Cost of House |
|
Interest rate |
6% |
Term |
30 years |
Amount of Down Payment |
|
Insurance |
|
Taxes |
|
Realtor Fees |
|
Other Fees and adjustments |
|
Amount of Mortgage |
|
Cost of House |
|
Interest rate |
6% |
Term |
30 years |
Amount of Down Payment |
|
Insurance |
|
Taxes |
|
Realtor Fees |
|
Other Fees and adjustments |
|
Amount of Mortgage |
|
Cost of House |
|
Interest rate |
7 % |
Term |
30 years |
Amount of Down Payment |
|
Insurance |
|
Taxes |
|
Realtor Fees |
|
Other Fees and adjustments |
|
Amount of Mortgage |
|
Cost of House |
|
Interest rate |
7% |
Term |
30 years |
Amount of Down Payment |
|
Insurance |
|
Taxes |
|
Realtor Fees |
|
Other Fees and adjustments |
|
Amount of Mortgage |
|