ࡱ> vxuc \"bjbj 7nxY\xY\hb  \\\ppp8Lp<(d+d+d+ <<<<<<<$>9Ar2<\d+&)>d+d+d+2<&G<---d+v \ <-d+ <--`:h;#6o+v:;]<0<:AP,A ;A\;\d+d+-d+d+d+d+d+2<2<-d+d+d+<d+d+d+d+Ad+d+d+d+d+d+d+d+d+ > J: Mortgages and You This activity will introduce you to the concepts of obtaining a mortgage based on your income and ability to save. You will be completing these scenarios using information from the career path webquest to determine how your choices will effect the price of the home you buy and how much that home will ultimately cost you over the life of the loan. In this activity you will be referring to the profession you selected at the conclusion of the career path worksheet. Your task is as follows: Step 1: Select your preferred profession from the list of five you used in the career path webquest and enter that profession and annual income below.  Step 2: Divide your annual income by 12 to determine the monthly amount you would earn. Then enter it below. Step 3: When applying for a mortgage the monthly payment (before including property taxes and home insurance) should not exceed 25% of your monthly income. Take the monthly income from Step 2 and multiple by (.25) and enter that number below.  Step 4: Beginning with the maximum monthly payment for your mortgage determined in Step 3, enter that amount in the chart below. Then go to: HYPERLINK "https://www.google.com/search?safe=strict&source=hp&ei=Dk4oWqbaBYXMjwSxjaGgBw&q=mortgage+calculator&oq=mortgage+&gs_l=psy-ab.3.0.0i131k1l2j0l8.1592.2934.0.4108.11.7.0.3.3.0.95.431.6.7.0....0...1c.1.64.psy-ab..1.9.442.0..46j0i46k1j0i131i46k1j46i131k1.52.ZLAFil0nNBE"Mortgage Calculator and select the Maximum loan option Use the mortgage calculator to complete the rest of the chart. Begin by plugging in the information you already have and solve for what is missing. a) Scenario 1 Scenario 1Mortgage 1Home price $Percentage down20%Total down payment  $Initial principal (amount you can borrow) $Interest rate4.25%Term30yrsMonthly payment $Total Paid over 30yrs (Total Cost) $  b) Scenario 2: In this scenario your down payment will significantly less. When the down payment on a mortgage is less than 20% you are required to pay an additional monthly fee called Private Mortgage Insurance (PMI). The fee is a policy that covers your lender in case you default on your loan. Determine your PMI by starting with your Step 3 monthly payment and multiplying by 12%. This will give you the monthly amount of this PMI fee.    Now, subtract the PMI amount from the Step 3 monthly payment to determine how much your new monthly payment can be now that you are paying this extra monthly fee.   Scenario 2Mortgage 2Home price $Percentage down5%Total down payment $Initial principal (amount you can borrow) $Interest rate4.75%Term30yrsPMI $Monthly payment $Total Paid over 30yrs (Total Cost) $ Reflection: Analyze and Compare Scenarios 1 & 2. Below identify the aspect of the two scenarios that are the same and which ones or different. SAME DIFFERENT What do you believe will be the most impactful change to from scenario 1 to scenario 2 regarding your decision to buy a home? ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________ Articulate in your own word choice the benefit of a down payment as compare the two scenarios. (Full Paragraph) ___________________________________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Real Life: Using a home shopping website such as  HYPERLINK "https://www.zillow.com/" Zillow search our area for homes that are in your price range. The write a personal reflection about your opinions, realizations, understandings and potential future aspirations. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________     Name:_______________________________________ Hour:________ Economics Mr. Mize $ $ $ Math Tips: Down payment percentages are calculated from the home price. To determine what 100% is from a given number divide that number by the known percentage that number represents of the whole (100%) Ex: if $90,000 is 80% of the home price than what would 100%(home price) be? 90,000 / .8 = 112,500 Scenario 1Mortgage 1Home pricePercentage down20%Total down paymentInitial principalInterest rate4.00%Term30yrsMonthly paymentTotal payment $ x (.12) = Max. Payment $ PMI Max. Payment $ $ PMI $ New Monthly Payment Max - Minus =    ! 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