Home Buying

Name_____________________________ Date_______________________

Home #1
1. 1. Description and price of home
-3 bds 2 bath
-brick exterior

1. 2. Now that you have selected your house to buy, write a paragraph explaining why
you chose this home and what appealed to you the most, listing at least two
outstanding features.
-I chose this house because it’s close to where I live currently. It’s also close to
other family member such as my brothers and and parents.

1. 3. Now figure your mortgage loan amount using a $4000.00 down payment.
House Price – Down Payment ($26780) = $133900

1. 4. What is your mortgage loan amount? _________________________

1. 5. Under ‘Resources’ click on the amortization chart and figure a monthly payment,
the total interest you will pay, and then the total price of your home after 30 years. Get
information for having good credit (6.5%) and poor credit (8.5%)

1. a. What is your monthly principal and interest payment for 30 years at 6.5%
interest? -846 (monthly payment)
total payments:360

1. b. What is the total interest paid for the term of this loan? (6.5%)
-$170782
1. c. What is the total price you will pay for this home? (6.5%)
-$304682

1. d. What is your monthly principal and interest payment for 30 years at 8.5%
interest? -$1030

1. e. What is the total interest paid for the term of this loan? (8.5%)
-$236747
1. f. What is the total price you will pay for this home? (8.5%)
-$370647

1. 6. What has surprised you most about the figures? What has this home
buying experience taught you? (write at least two paragraphs) This has taught
 me was that banks usually want their money first. So what they do is make you
pay for the interest for the first couple years.

Home #2
1. 1. Description and price of home
-4 bds 3 bath red exterior two garage doors attached at house.

1. 2. Now that you have selected your house to buy, write a paragraph
explaining why you chose this home and what appealed to you the most, listing
at least two outstanding features.
-the reason why I chose this house is because it’s a large looking house.
One outstanding feature is that the garage is attached to the house and it has a large
basement.

1. 3. Now figure your mortgage loan amount using a $4000.00 down payment.
House Price – Down Payment ($100119.60) = $500598

1. 4. What is your mortgage loan amount? _________________________

1. 5. Under ‘Resources’ click on the amortization chart and figure a monthly

payment, the total interest you will pay, and then the total price of your home
after 30 years. Get information for having good credit (6.5%) and poor credit
(8.5%)

1. a. What is your monthly principal and interest payment for 30 years at 6.5%
interest? -$1391

1. b. What is the total interest paid for the term of this loan? (6.5%)
-$280598
1. c. What is the total price you will pay for this home? (6.5%)
$500598

1. d. What is your monthly principal and interest payment for 30 years at 8.5%
interest? - $1692

1. e. What is the total interest paid for the term of this loan? (8.5%)
-$388979
1. f. What is the total price you will pay for this home? (8.5%)
-$608979
 1. 6. What has surprised you most about the figures? What has this home
buying experience taught you? (write at least two paragraphs)
This experience has helped me find a home easier. Not only that but it has
helped me calculate mortgage and interest rate. I fell like it would be easier for me to buy
a home in a city that I have been in my whole life. I think this experience will help me in
the future to taike another step in life.