Name:

Jeff CuiJiaRui

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Connecticut
Location:
Storrs, CT 06269
Housing Location:
Campus
Housing Type:

University of

On Campus

Of

Residence

# of Bedrooms:
Individual Bedrooms
Shared
Bedroom
# of Roommates: 2
Bath Attached:
Yes
No (Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Parking:
Yes
No
Type: Parking Space
Other:
Parking Cost: $
Meal Plan Included:
Yes
No
Meal Plan Cost:
$
Not Mention
Included:
Gym:

Breakfast, lunch, dinner

Yes

No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities:
Volley ball
courts, Game rooms, Study lunges
Reasons you chose this College
Housing: I deem that it is safety to live in school. And it is much more convenient for me to go to
school.

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

1800

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:
611 Ocean Ave, New
London, CT 06320 - New London
School District:

Storrs, CT 06269

# of Bedrooms:

Style:
lifestyle
# of Baths: 3
Heated by: Gas
Electric
Square Footage:
1728
Washer/Dryer:
Yes
No
Fireplace:
Yes
No
Parking:
Yes
No
Size: Covered Parking
Parking Space
Parking Cost: $
Included Utilities:
Which:

Garage

Other:

No
Yes

Additional Amenities:
Facilities

No
Laundry

Reasons you chose this Apartment:

It is close to the sea and the price is reasonable.
Besides, the image of the apartment from
apartment is very beautiful.
There is only a
little distance between school with this apartment
.

Apartment Part 2: The Payment

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

$
21.00
$

1800
1821

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$
4000
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:

158,876

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: $

147,600

Properties of the house you have chosen: Fill in the information below
Address:
20 Park Avenue,
Newburgh, NY 12550
School District:
# of Bedrooms:

Magnet
3

Style:
Lifestyle
#of Baths:
2
Type of siding:
Featuring slate
flooring
Type of roof: Original wood
Heated by: Gas
Electric
Square footage:
5,040
Lot size:
Garage:
Yes
No
If Yes, Size:
1 Car
2
Cars
3 Cars
Other:
Year built:
2012
Fireplace:
Yes
No

Basement: Yes
No
List some of the reasons you chose this house:
This house is in New York
where is my favourite city in America. Moreover, it is also suitable for my income
level. And the economic level is high there.
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:

$1108.85

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:
$147600
Mortgage Amount:
$140200
Principle (1st Yr):
$524.60
Interest
(1st Yr):
$584,25
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years

20 years

25 years

30 years

1037.1
9
1072.6
7
1108.8
5
1145.7
1

849.71

669.43

887.10

710.47

925.39

752.73

964.56

796.15

Monthly Payments with a 15% down payment:

Market Value:
$125460
$522.75
Monthly
Payment
s
4.0%

$147600
Principle (1st Yr):
15 years

20 years

928.01

760.26

$469.38
25 years

50 years

$992.13
Mortgage Amount:
Interest (1st Yr):
30 years

50 years

598.97
4

4.5%
5.0%
5.5%

959.76
992.13
1025.1
1

793.72
827.98
863.02

635.69
673.50
712.35

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:
118080

20

%: Total Down Payment Amount:

Length of Mortgage:

30 Years

Monthly Payment: Principle:

Interest:

$
$

441.77
492.00

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:

$
$

46.3
141000
6834

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: $

36.9

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

Zillow Homeowners Insurance Estimate: $

67