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

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Presentation on theme: "Put a roof over your head, without it later caving in on you."— Presentation transcript:

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

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

3 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

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

5 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?

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

7 Types of Mortgages

8

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

10 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

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

12 Will Alexandra & Ryan get to live their dream?!

13 Mr. & Mrs. Anstey

14 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

15 The Curtis’ Crib

16 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

17 The Curtis Crib

18 The Gosney’s Abode

19 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

20 The Gosney’s Abode

21 Yetman’s Digs

22 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

23 Langman’s Digs

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

25 Because…

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