Dream vs. Reality
Directions: create a Google Doc similar to the form below with left side and right side columns to do some real world shopping!
Dream Car
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Reality CarDescribe a car you can realistically afford:
List 10 specific features for your reality car: Google a "price and build" website to actually build your car Total Price: Google a "Car Loan Calculator website: Calculate monthly payment using 5 years at 5% interest Monthly Payment: Total Cost with interest for 5 years: Total Interest Over Five Years: Resale value after 5 years (multiply original price by .6) Monthly Payment for a 3 year loan at 5% interest: Total Cost Over 3 years: Total Interest Over 3 years: Monthly Payment for a 7 year loan at 5% interest: Total Cost Over 7 years: Total interest over 7 years: Calculate Monthly Payment at 3% for 5 years: Total Cost Over 5 years at 3%: Total Interest Over 5 years at 3% Calculate Monthly Payment at 9% over 5 years: Total Cost Over 5 years at 9%: Total Interest Over 5 years at 9%: How much do you save with a 5 year loan versus a 7 years loan? How much do you save with a 3 year loan versus a 5 year loan? How much do you save for EACH percentage point less of interest? What is the BEST buying strategy based on your numbers? Insert a picture of your reality car here: |
House Shopping Activity
1. Shop for a realistic home which would meet your career and family goals for size and location
2. List features which meet your career, family, and lifestyle goals. For example, number of bedrooms, bathrooms, acres, garage space, pool, sheds/barns/shops, basement, attic...make a list of features you need.
3. List Price:
4. Down Payment: Calculate each of the following
-Traditional Down Payment of 20%:
-Bank Deal Down Payment of 10%:
-FHA Government Program of 3.5%:
5. Which down payment method did you use? Why
6. Down Payment Amount:
7. Remaining Cost After Down Payment:
8. Add $3,700 in average closing costs:
9. Use a mortgage calculator for your monthly payment:
-10 years at 5% interest monthly payment:
-15 years at 5% interest monthly payment:
-20 years at 5% interest monthly payment:
-30 years at 5% interest monthly payment:
-40 years at 5% interest monthly payment:
10: Calculate Total Cost with Interest over the entire term of the mortgage loan:
10 years (120 x payment)
15 years (180 x payment)
20 years (240 x payment)
30 years (360 x payment)
40 years (480 x payment)
11. Which monthly payment terms did you choose? Why?
12. Monthly Payment for House:
13. Add $83 for Private Mortgage insurance:
14. Calculate Property Tax: Home Price x .01 then divide by 12 for a monthly amount.
15. Monthly Payment with PMI and Property Tax:
16. Calculate Homeowners Insurance: $35 per month for each $100,000 value of your house.
17. Monthly Payment with PMI, Property Tax, and Insurance added:
18. CALCULATE ULTIMATE COST: MONTHLY PAYMENT WITH PMI, PROPERTY TAX AND INSURANCE
MULTIPLIED BY THE MONTHS OF YOUR MORTGAGE CHOICE:
19: ULTIMATE COST:
20: Insert a picture of your house:
2. List features which meet your career, family, and lifestyle goals. For example, number of bedrooms, bathrooms, acres, garage space, pool, sheds/barns/shops, basement, attic...make a list of features you need.
3. List Price:
4. Down Payment: Calculate each of the following
-Traditional Down Payment of 20%:
-Bank Deal Down Payment of 10%:
-FHA Government Program of 3.5%:
5. Which down payment method did you use? Why
6. Down Payment Amount:
7. Remaining Cost After Down Payment:
8. Add $3,700 in average closing costs:
9. Use a mortgage calculator for your monthly payment:
-10 years at 5% interest monthly payment:
-15 years at 5% interest monthly payment:
-20 years at 5% interest monthly payment:
-30 years at 5% interest monthly payment:
-40 years at 5% interest monthly payment:
10: Calculate Total Cost with Interest over the entire term of the mortgage loan:
10 years (120 x payment)
15 years (180 x payment)
20 years (240 x payment)
30 years (360 x payment)
40 years (480 x payment)
11. Which monthly payment terms did you choose? Why?
12. Monthly Payment for House:
13. Add $83 for Private Mortgage insurance:
14. Calculate Property Tax: Home Price x .01 then divide by 12 for a monthly amount.
15. Monthly Payment with PMI and Property Tax:
16. Calculate Homeowners Insurance: $35 per month for each $100,000 value of your house.
17. Monthly Payment with PMI, Property Tax, and Insurance added:
18. CALCULATE ULTIMATE COST: MONTHLY PAYMENT WITH PMI, PROPERTY TAX AND INSURANCE
MULTIPLIED BY THE MONTHS OF YOUR MORTGAGE CHOICE:
19: ULTIMATE COST:
20: Insert a picture of your house: