Housing & Transportation Equations and Guidelines

Housing and Transportation You are going to find a house/apartment and car for your budget. I will show you the equations to find the minimum and maximum range for your house and car. Note: Married couples must find 2 cars. Min 10% and Max 20% When you find your house and car(s) you must print out the website your found the listing on. ONLY PRINT THE FIRST PAGE WITH THE PICTURE, INFO, and COST!

Housing If you’re renting, you can have a roommate IF you are both single and without children. Buying a House You want to buy a $750,000 home. $750,000 (home price) - $50,000 (down payment) = $700,000 $700,000 ÷ 360 (months) = $1,944.44. You monthly mortgage payment is about $1,940.

Housing Equation: (Min/Max x 360) + $50,000 Minimum Maximum Example $920 x 360 = $331,200 $331,200 + $50,000 = $381,200 $1,200 x 360 = $432,000 $432,000 + $50,000 = $482,000

Transportation All married couples need 2 cars. (no motorcycles) Buying a Car You want to buy a $25,000 car. $25,000 (car price) – 20% (down payment) = $5,000 $25,000 x .2 = $5,000 $25,000 (car price) –$5,000 (down payment) = $20,000 New Car: $20,000 / 60 = $333.33 per month Used Car: $20,000 / 36 = $555.56 per month

Transportation Equation: (Min/Max x 60) x 1.25 Minimum Maximum New $230 x 60 = $13,800 $13,800 x 1.25 = $17,250 $460 x 60 = $27,600 $27,600 x 1.25 = $34,500 Used $460 x 36 = $16,560 $16,560 x 1.25 = $20,700 $690 x 36 = $24,840 $24,840 x 1.25 = $31,050

Research Sites Housing: Zillow, RedFin, Trulia Cars: CarMax, Dealerships Plug in your min/max into the equations. Find a house/car within your range.

Work Time Your checklist for the day (in this order) Complete your Handout, put it in the turn in bin Continue to work on your presentation materials Work on your project