Housing Project

Housing Project

Accounting and Investment PrinciplesMatt Filek

Mrs. Bardo Period 2

Personal Information

I am a nurse and my spouse is a physical therapist. I would like a fabulous home, preferably near Lake Michigan that I can afford on a income of $110,000. I have a down payment of $15,000

Maximum Monthly Payment Calculations

• Formula : (Total Salary * 30%)/12 months

• Maximum Monthly Payment : ($110,000 * 30%)/ 12 = $2,750

Housing Option 1: Location

11056 South Avenue F Chicago, IL 60617

Housing Option 1: Description

• Great single family home• Full basement with high ceilings • Looks out to walking bike path • Only 3 miles to lake Michigan Lake shore

Housing Option 2: Specs

• 4 beds• 2 baths• 1 half bath• 2,300 sq ft

Housing Option 1: Additional Pictures

Housing Option 1: Financing

• Cost: $275,000• Down payment: $15,000• Loan: $260,000• Annual Property Tax: $4,198• Monthly Property Tax: $349.83• Monthly PMI: $108.33• Estimated Monthly Payment: $1,744.07

Housing Option 2: Location

2710 East 75th Street Chicago, IL 60649

Housing Option 2: Description

• Over 50 years old • Newly rehabbed• Walking distance from lake and public

transportation • Has a deck, porch, and basement

Housing Option 2: Specs

• 4 beds • 2 baths • 1 Fireplace• 2,600 sq ft

Housing Option 2: Additional Pictures

Housing Option 2: Financing

• Cost: $250,00• Down payment: $15,000• Loan:$235,000• Annual Property Tax: $953• Monthly Property Tax: $79.41• Monthly PMI: $97.92• Estimated Monthly Payment: $1,340.95

Housing Option 3: Location

6947 South Euclid Avenue, Chicago, IL 60649

Housing Option 3: Description

• Detached 2 car garage with side driveway• 3 story home• Coach house • Harwood flooring • Located near Jackson Park• Just a few blocks from the lake shore

Housing Option 3: Specs

• 4 beds• 3 baths• 1 half bath• 4,000 sq ft• Coach house

Housing Option 3: Additional Pictures

Housing Option 3: Financing

• Cost: $325,000• Down payment: $15,000• Loan: $310,000• Annual Property Tax: $9,152• Monthly Property Tax: $762.67• Monthly PMI: $129.17• Estimated Monthly Payment: $2,425

I Would Buy…

Housing Option 3: 6947 South Euclid Avenue, Chicago, IL 60649

Reasoning

• Has monthly payment of $2,425 can afford a monthly payment of $2,750

• 4,000 sq ft• Located a few blocks from lake shore• Coach house • Detached 2 car garage • Most value for your dollar

Housing Option 3: Additional Pictures