Housing Budget
Case Study—Maya and John
Show your work for full credits
Maya and John start looking for a place to buy in the Valley.
Their combined gross income (before tax and deductions) is $150,000. Based on their income, figure out the price of the house they can afford (see lecture notes).
Help Maya and John find a real housing unit they can afford on Zillow or Redfin website, post the picture from the website and provide the URL link to the website where you find the house. DO NOT use the monthly payment, property tax, closing costs, and insurance information from the website for the following questions because they use different assumptions.
Suppose that they are going to buy the house you suggested, and they are willing and able to put 20% down payment, what would be the amount of that down payment and the amount of the mortgage loan?
Calculate closing costs, annual property tax, and annual homeowner’s insurance
Closing costs — 3% of the house value
Property tax — 1% of the house value
Homeowners insurance — 0.3% of the house value
Maya and John want to take out a 30-year fixed mortgage. Assuming they can get a mortgage rate of 4 percent. Find their monthly payment using the Mortgage Loan calculator on www.dinkytown.net
(Links to an external site.)
. Take a picture of the webpage with inputs and upload it as a PDF file.
Calculate their monthly housing expenses PITI based on your answers from questions #4 and #5.
This doesn’t need to be a long essay. Answer the six questions, which involve mostly calculations. Show your work on how to get the numbers. Remember, if you use an online resource to come out with the numbers, make sure to reference the source and indicate how you get the results.
Write down your input in each box on the calculator or attach the report to receive points.
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