# Housing

BEFORE ATTEMPTING THIS ASSIGNMENT BE SURE TO READ THE POWER POINTS AND WATCH THE VIDEOS ON HOW TO BUY A HOUSE.
1.Tom and Nancy want to buy a house in a particular neighborhood. they have two children ages 1 and 4. The average price home in this neighborhood runs about \$350,000.  Together their family income is \$100,000.  They have saved \$75,000. The home they want to purchase costs \$300,000. Taxes on the home run \$3.00 per \$100 of assessed value of the home. For new homes the assessed value is equal to 75% of the purchase price. Insurance runs half of one percent of the purchase price of the home. An Adjustable Rate Mortgage (ARM) requires a 10% down payment. Conventional loans require 20% down payment.
Compute the per month cost including  interest, taxes and insurance (use above formula to get the taxes and insurance cost).

What will their down payment be? ____________________________________
What will the cost of insurance be per month? ________________________
What will their taxes be per month?____________________________________
What will their principal and interest be per month?__________________
What is their total monthly payment going to be including everything?________________________

2. If they are currently renting a three-bedroom apartment for \$1,750 per month. Just based on cost of renting vs. cost of buying with the above ARM, which would be cheaper and by how much per month? (20 poinra)
3. If the couple were to get a conventional loan, what would their cost be using the price of home and figures for figuring taxes and insurance. You will need to use a mortgage calculator. You can find them by asking Google or in one of the files in this module’s content area. Show your figures. (20 points)
a. Monthly principal and interest____________________
b. Monthly taxes________________________________
c. Monthly insurance_____________________________
d. Total cost of house payment using a  conventional loan.
2.   2.  The Housing Video Topic in Mod 9’s content area presents short video segments that review what we learn in Chapter 13  about buying a home.  Part 3 of “How to Buy a Home” describes how different types of mortgages work.  After viewing this 3-½ minute video, write a brief description of what a home equity loan is, how it works, what the advantages of a home equity loan over a personal loan, and how it can be used as a savings account.   (35 points)

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.