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Housing Project. Accounting and Investment Principles Matt Filek Mrs. Bardo Period 2. Personal Information. - PowerPoint PPT Presentation
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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