Home Buying

1. Complete the “Buy or Rent” calculator using your own data. In 50-100 words answer the following: What was the recommendation? What were the factors that led to that recommendation? Do you agree or disagree with the recommendation? Why?

2. In a minimum of 100 words, explain the main benefits and drawback of renting and of owning a home?

3. Review Exhibit 7-4 on page 224 of the textbook. In at least 100 words, summarize the steps in the home-buying process.

4. Review Exhibit 7-6 on page 229 of the textbook. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Show your calculations.
• Monthly gross income: $2,950
• Other debt, monthly payment: $160
• Down payment to be made: 15% of purchase price
• Monthly property tax and insurance: $210
• 30 year mortgage at 6%
Enter your calculation and response in this column
Step 1: Determine the monthly gross income (annual income divided by 12).
Step 2. Multiply step 1 by 33% for a PITI (principal, interest, taxes, and insurance) guideline.
NOTE: With a down payment of at least 5% lenders use 33% of gross income as a guide for PITI (principal, interest, taxes, and insurance)
Step 3. Subtract other debt payments from the result of Step 2 to determine the Affordable Monthly Mortgage Payment.
Step 4. Divide the result of Step 3 by 6.00 (this is the mortgage payment factor from Exhibit 7-7 based on a 30 year loan at 6%) and then multiply this by $1,000. This is the Affordable Mortgage Amount.
Step 5. Divide the affordable mortgage amount by .85 (This is 1 minus the down payment percentage) to determine the Affordable Home Purchase.

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