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Home Buying Project

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Dulce Vilchez

on 23 April 2015

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Transcript of Home Buying Project

Home Buying Project
By:Dulce Vilchez

design by Dóri Sirály for Prezi

I learned so much from this project!!! It was difficult and fun at the same time, but it was worth it. I know that sometimes or if not all the time we think that math is not boring but “useless”. I quote that because math is actually very useful, we just don’t see it at times. In this Home Buying Project for example, math played a significant role. It was research, excel spreadsheets, calculations, weird formulas that I learned, and that I won’t only wait for my future to start using them, but now with my family. This project has actually brought to my attention that I should consider buying a home in the future and also see if my family can afford one now!!! I saw this project as something very useful for all of our class, and think that PCC students should definitely take this class because not everybody knows or takes consideration purchasing a home. I feel that this project has made me feel confident about math a little more, just because I never thought I was going to be capable of starting or finishing this project, that I saw as impossible! It was quite a challenge but we all go it through.I think that I have changed my mind from renting to buying a property because, my family and I live in an apartment and pay rent every single monthly, we’ve lived their for the past ten years and all that money has gone to someone else’s equity, and my family isnt gain anything by just paying rent. I do consider the mortgage payments and other expenses when purchasing a home, but I also see the outcome of it, in the end, when I can call it MY HOME! (:

Renting V.S Buying

Psychologist
Estimated Salary
$86,049
Anuallly
$7,170.75
Monthly
$433,013.30
I can borrow if my pymt is to be no more than 28% of my monthly salary
Career Info
Reflection

Welcome
Purchase Price: $499,000

Costs
15% Down Pymt:
$74,850
Closing Costs:
$14,970
Annual PMI:
$3,181.125
Monthly PMI:
$265.10
Annual Proprty Tax:
$5,988
Monthly Property Tax:
$499
Annual Home Insurance:
$1,497
Monthly Home Insurance:
$124.75
Estimated Utility Costs Anually:
$1,800
Estimated Utility Costs Monthly:
$150
Mortgage Info and Analysis

30 Yr Loan


I
ntrest Rate:
3.76%
Monthly Mortgage Pymt:
$1,966.71
Total Paid(Including Down Pymt):
$782,865.60
Total Interest Paid:
$283,865.60
11 yrs and 6 months
before the majority of my pymt goes towards principle, not interest.
16 1/2 yrs
to have at least 50% equity
3 yrs and 1 month
until I can stop paying PMI
$362,151.31
I would owe if I sold my home after 7 yrs
$2,905.56
total monthly housing costs
40% o
f my gross monthly salary go to my total monthly housing costs
Comparison
More Comparsions
30 Year Plus Extra $100
Total Paid, Inluding Down Pymt: $817,403.65
Total Interest Paid: $253,499.71
Total Paid Towrds Principle: $453,153.94
Total Monthly Pymt: $706,653.65
30 Year Plus Extra $200
Total Paid, Inluding Down Pymt: $852,986.94
Total Interest Paid: $233,077.25
Total Paid Towrds Principle: $483,259.69
Total Monthly Pymt: $706,336.94
15 Yr Loan
Why I Chose This House?
This house caught my attention right away beacuse it's located in a nice quite area, surrounded by different ethcities which would be a environment for me. What I liked the best was it's still here in Cali where most of my family reside. I'm sure my family will love my investment, when it comes down to parties (;
Intrest Rate:
2.96%
Monthly Mortgage Pymt:
$2,920.95
Total Paid(Including Down Pymt):
$1,126,392
Total Interest Paid:
$627,392
1st month
before the majority of my pymt goes towards principle, not interest.
7 yrs
to have at least 50% equity
1 yr and a month
until I can stop paying PMI
$247,104.65
I would owe if I sold my home after 7 yrs
$3,859.80
total monthly housing costs
53%
of my gross monthly salary go to my total monthly housing costs
Renting
Monthly Cost:
$3,024.00
Annual Cost:
$36,288.00
5 Year Cost:
$181,440.00
Buying

Monthly Cost:
$1,966.71

Annual Cost:
$23,600.52

5 Year Cost:
$118,002.60



30 Year
Total Paid, Inluding Down Pymt:
$782,865.60
Total Interest Paid:
$283,867.15
Total Paid Towards Principle:
424,150
Total Monthly Pymt:
708,017.15
15 Year
Total Paid, Inluding Down Pymt:
$1,126,392.00
Total Interest Paid:
$33,467.51
Total Paid Towrds Principle:
$1,085,099.26
Total Monthly Pymt:
$1,051,541.75


Come On In...
Brief Decription Of Home?
Location:
4900 Lincoln Ave Highland Park, CA
Bedrooms:
2
Baths:
2
Additions:
Kitchen, Living Room, Front and Backyard
Size:
1,042 Sqft
Full transcript