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Home Mortgage Project
You will be comparing mortgages with 15-year and 30-year loan terms. In a typed essay, you will need to discuss ALL of your calculations and results to answer the following questions. Be sure to clearly SHOW ALL WORK (including calculations and TVM solver) in your paper. You will also need to provide documentationfor all of the information that you gather (for example, internet printouts).
1) Find an APR for a 15-year loan. Be sure to get documentation for your APR. (printout of website)
2) Find an APR for a 30-year loan. Be sure to get documentation for your APR. (printout of website)
3) Tell me how the APRs were different for the different terms(show calculation).
4) You will need to estimate a reasonable monthly mortgage payment for yourself. According to this project, there is a rule of thumb that you should pay no more than 25% of your monthly salary towards your house payment. (Show all calculations)
a) What do you expect your annual starting salary to be after you graduate from RMU? Be sure to get documentation for your salary.
b) For this annual salary, what will your monthly salary be?
c) Use the 25% rule to calculate your reasonable monthly mortgage payment.
5) Next, you will need to find a home to purchase. Be sure to get documentation for your house. (printout of website)
6) In order to buy it, you will need to first choose a down payment percent (usually an integer percent between 5% and 20% of the sale price) and then take out a loan on the remaining amount. Tell me how you chose your down payment.
7) What is your down payment percent, down payment amount,and loan principal? (Show all calculations)
8) For your chosen 15-year loan rate, find
a) the monthly payment
b) the total amount that will be paid
c) the total amount of interest paid.
9) For your chosen 30-year loan rate, find
a) the monthly payment
b) the total amount that will be paid
c) the total amount of interest paid.
10) Calculate and comment on the differences in
a) monthly payments
b)
Notice any similarities?
total amounts paid for each loan term
c) total amounts of interest paid for each loan term.
11) Which loan would you choose and why?
12) Finally, can you afford your chosen loan according to the 25% rule?
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