Name:

Selina Shi

Renting vs. Owning Project: College Campus

College Living Part 1: Location
College:
Johnson & Wales
University
Location: Providence, Rhode Island
Housing Location: On Campus
Of
Campus
Housing Type: 2-bedroom with one
bath and a kitchen apartment
# of Bedrooms:

Individual Bedrooms
Shared
Bedroom
# of Roommates: 1
Bath Attached:
Yes
No (Community/Shared)
Living Space:
Yes
No
Washer/Dryer:
Yes
No
Parking:
Yes
No
Type: Parking Space
Other:
Parking Cost: $
Free
Meal Plan Included:
Yes
No
Meal Plan Cost:
$
Included:
Gym:

Yes

No
Internet:
Yes
No
Cable:
Yes
No
Computer Lab:
Yes
No
Additional Amenities: laundry facilities,
package service, courtyard,
walk-in closets, air-conditioning and
dish washer, pet-friendly community.
Reasons you
chose this College Housing: the house is near the university, and its free of parking.
Two bedrooms allow me to rent the apartment with a roommate. It has a big kitchen
so I can cook by myself, and the dish washer can save my energy. There are several

groceries, restaurants, cofees, and fitness center around, so I can shop easily
without going too far away. The rent fee is not too expensive, and I can share it with
my roommate.

College Housing Part 2: The Payment

What Would Your Housing Payments Be Per Month? $

1387

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: 808 Lakecrest Ave, High Point,
NC 27265
School District:
Point

Jamestown/High

# of Bedrooms:

Style: Apartment
# of Baths: 2
Heated by: Gas
Electric
Square Footage: 1,006 Sq Ft
Washer/Dryer:
No
Fireplace:
Yes
Parking:
Yes
Size: Covered Parking
Parking Cost: $

Yes
No
No
Parking Space

Garage

Other:

Free

Included Utilities: Yes

No
Which:
Laundry Facilities,
Maintenance on site, Property Manager
on Site, Recycling
Additional Amenities: Dogs and cats
allowed, parking space, fitness center
and pool

Reasons you chose this Apartment: the apartment is relatively cheap considering
Im renting with a roommate. The apartment has various facilities such as airconditioning, washer and dryer, dishwasher and refrigerator. There are many
exercising places in the community such as fitness center and pool.

Apartment Part 2: The Payment

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

$
730
$21.00
$
751

Renting vs. Owning Project: Buying a House

House Part 1: Finding the House
Income level you have been given:
$ 46,880 a year
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:

$ 152,197

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: $ 147,000
Properties of the house you have chosen: Fill in the information below
Address: 1500 Glenn Meade Drive,
High Point, NC 27265
School District:

Shadybrook

# of Bedrooms:

Style: House
#of Baths: 2

Type of siding: wood & plastic

Type of roof: wood
Heated by: Gas
Electric
Square footage: 1576
Lot size:
0.39 acres
Garage:
Yes
No
If Yes, Size:
1 Car

2 Cars

3 Cars

Other:

Year built: 1996

Fireplace:
Yes
No
Basement: Yes
No
List some of the reasons you chose this house: the house has multiple facilities such
as dishwasher and air-conditioning. It has two garages so I can park two cars in
them. The house has a backyard, I can plant some flowers and vegetables. The
house is not too expensive as well.

House Part 2: The Payment

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
http://www.interest.com/mortgage/calculators/mortgage-calculator/

Be sure to locate the Amortization Table and change to monthly to find payment
amounts
5% down Payment Amount:
7350
Market Value:
147,000
Mortgage Amount:
147,000
Principle (Monthly):
789.13
Interest
(Monthly): 356
Principle (1st Yr): 1251.96
Interest
st
(1 Yr):
4271.94
Monthly
Payment
s
4.0%
4.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

1087.3
4
1124.5

890.79

701.80

929.99

744.83
4

5.0%
5.5%

4
1162.4
7
1201.1
1

970.13

789.13

1011.1
9

834.65

15% down Payment Amount:

22050
Market Value:
147,000
Mortgage Amount:
147,000
Principle (Monthly):
744.83
Interest
(Monthly): 547.2
Principle (1st Yr): 2371.48
Interest
st
(1 Yr):
6566.48
Monthly
Payment
s
4.0%
4.5%
5.0%
5.5%

15 years
Fixed

20 years
Fixed

30 years
Fixed

1087.3
4
1124.5
4
1162.4
7
1201.1
1

890.79

701.80

929.99

744.83

970.13

789.13

1011.1
9

834.65

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:
29400
Length of Mortgage:

20%
30

Monthly Payment: Principle:

Interest:

Total Down Payment Amount: $

Years (Fixed)
$
$

834.65
1470

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:

$
1500
1870
$
2418

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 0.0025 of the
purchase price of your home. (This is the minimum housing insurance, which does not include
earthquake coverage.)
Calculate your monthly house insurance: $ 30.625
Now, compare your calculation at: http://www.zillow.com/mortgage-calculator/
Zillow Homeowners Insurance Estimate: $

67