1. Annuity Project - Mortgages
Jada Thomas
3/16/2015

2. 151 Green St, Canton MA 02021

3. House Information Total Cost: $1,399,000 Single family home 6 bedrooms
5 full bathrooms
16 rooms in total throughout house
4.78 acres of land
In ground custom swimming pool with nice size deck
Crown wood moldings and custom woodworking
GUEST HOUSE!!

4. Down Payment & Loan Amount
$1,399,000 X = $279,800.00
My down payment will be $279,800.00
I will collect some of this money from my savings account, and my boyfriend will deduct some from his savings account too. The rest is a small amount and can be taken from our next checks at work.
Finance/Loan
$1,399,000 (cost of house)
$279,800 (down payment)
I will need to finance $1,119,200

5. Structure 1
Monthly Payment:
P = $5,103.48

6. Structure 1 (continued)

7. Structure 2
P = $6,490.89

8. Structure 2 (continued)

9. Structure 3
P = $7,595.01

10. Structure 3 (continued)

11. Analysis Questions #1-3
Compare the three mortgages structure ( monthly )
Structure 1 would be the least expensive. The monthly payment is $5,
Compare the three mortgages structure ( paid in interest )
Structure 3 would be the least expensive. The amount paid in interest is$247,
Compare the three mortgages structure ( amount paid for home )
Structure 3 is the least expensive. The total cost of the house is $1,646,90.80.

12. Jada - Lawyer

13. Analysis Question #4 - Jada
This house would not be realistic for me based on my future plans because I would not be able to make the monthly payment unless I have money already saved up. I would take home $6,156.59, but after paying all of my bills I would only have $2, left. The house I picked has a monthly payment of at least 5 thousand dollars and up a month depending on which structure I would use, unfortunately that’s not in my price range. I will have to look around for cheaper houses that fit my pricing range based on how much i’m able to realistically spend monthly on a house. However, if i did have the money to pay for this house Structure 1 would be the best one for me obviously because it’s the cheapest, and who would want to go with a structure that you have to pay more when you can pick one that you can pay less.