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Put a roof over your head, without it later caving in on you.

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Calculating Mortgage Payments A house is typically the largest purchase you will ever make, so it makes sense to make an informed purchase.

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Mortgage Assignment Using this Power Point as a guide, create a Word document that answers the questions contained in this Power Point. Save it in your “H” drive, as Mortgage Assignment

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Mortgage Assignment Question #1 Search the internet for the following key terms: a)Amortization period b)Equity c)Interest d)Principal e)Unpaid Balance

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Down payments First-time buyers can often secure financing with only 5% of the purchase price as a down payment. Question #2 Are there any problems with this?? How could it be a negative thing for someone to be able to purchase a house with only 5% down?

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Mortgage Assingment Question #3 Find these definitions: a)Closed mortgage b)Fixed Payment

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Types of Mortgages

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Question #6 Define the following: a)Open Mortgage b)Variable-rate mortgage c)Fixed-rate mortgage

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Amortization Schedule Question #7 Explain the following: a)Owner’s Equity b)Unpaid Balance c)Interest on Unpaid Balance d)Principal e)Owner’s New Equity

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Amortization Schedule All that sounds complicated, but it’s not bad once you break it down. Let’s look at some examples:

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Will Alexandra & Ryan get to live their dream?!

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Mr. & Mrs. Anstey

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The Ansteys Question #9 Define the following for the Ansteys: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1)https://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgihttps://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgi

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The Curtis’ Crib

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Question #11 Define the following for the Mr. & Mrs. Curtis: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1)https://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgihttps://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgi

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The Curtis Crib

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The Gosney’s Abode

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The Gosneys Question #13 Define the following for the Mr. & Mrs. Gosney: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1)https://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgihttps://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgi

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The Gosney’s Abode

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Yetman’s Digs

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Langdon’s Digs Question #15 Define the following for the Zach & Shane: a)Monthly mortgage payment b)How much they will pay in interest over the length of the mortgage. Use the following link: 1)https://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgihttps://www.rbcroyalbank.com/cgi- bin/mortgage/mpc/start.cgi

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Langman’s Digs

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Remember… You don’t want to get in over your head and be forced to do this

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Because…

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Lesson 11.5 True Cost of Owning a Home July 2011Copyright © 2007-2011 … REMTECH, inc … All Rights Reserved1 Introduction Many first-time buyers make a.

Lesson 11.5 True Cost of Owning a Home July 2011Copyright © 2007-2011 … REMTECH, inc … All Rights Reserved1 Introduction Many first-time buyers make a.

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