Housing and Interiors: Project 1, Part 1

Name______Date______Hour______Go to www.murney.com

1.  Under the bold heading PROPERTY SEARCH, type in the MLS # 60033320

a.  What is the square footage?

b.  How many bedrooms and bathrooms?

c.  What year was it built?

d.  Read the “Details Paragraph” and then look at the pictures of the home (under the photos tab)—what do you think?

e.  Describe the décor in the room you think is the master bedroom? Why do you think that is the Master?

f.  What is the “list price” for this house (the amount they are selling it for)?

2.  Go back to the home page. Click on “Advanced Search”

  1. Search for homes with the following criteria (click “Search” when finished):

i.City: Ozark / ii. Price:$50,000-$80,000 / iii. Bedrooms: 2+
iv. Total Baths: 2+ / v. Lot Size: No Min – 1 acre / vi. Sq. Ft.: No Min. – 2000 sq. ft.
  1. How many listings were generated?______
  2. Scroll through the pictures and find 2 that you like. Answer the following questions for each.
  3. What is the MLS# for each?
  4. ______
  5. ______
  1. What is the price for each?
  2. ______
  3. ______
  1. What town is it in?
  2. ______
  3. ______
  1. Square footage?
  2. ______
  3. ______
  1. Style? (Think back to the housing styles we learned about…)
  2. ______
  3. ______

3.  Return back to “Home” and complete another “Advanced Search”:

  1. Search for homes with the following criteria:
  2. City: Ozark
  3. Price: $190,000-$250,000
  4. Bedrooms: 3+
  5. Total Baths: 3+
  6. Lot Size: No Min. – 2 Acres
  7. Sq. Ft.: 2400 sq. ft. – 3999 sq. ft.
  1. How many listings were generated? ______
  2. Find 2 you like best.
  3. What is the MLS#?
  4. ______
  5. ______
  6. What is the price?
  7. ______
  8. ______
  9. What town is it in?
  10. ______
  11. ______
  12. Square footage?
  13. ______
  14. ______
  15. Style?
  16. ______
  17. ______
  18. Which house is your favorite? Why?

4.  Using the price from your “Favorite” (above), go to mortgage-calc.com and calculate your approximate monthly payment.

  1. Put in asking price for your Favorite
  2. 5.25% interest rate
  3. 30 year fixed term of loan
  4. What would the monthly payments be? ______

5.  Now, go to amortization-calc.com

6.  Using the information below, find out how much extra you will pay on interest by the end of your loan term (30 years).

  1. Put in the asking price for your “Favorite Home” from above in “Loan Amount”
  2. 30 Year Loan Term/360
  3. 5.25% interest rate
  4. Location: Use the “Favorite Home” Zip Code (EX: Ozark = 65721)
  5. Click “Calclate”
  6. From the “Loan Summary” at the top of the page, identify the following:
  7. Monthly Payment: ______
  8. Total Amount Paid during the life of the loan (360 Payments) : ______
  9. Pay-Off Date______
  10. Scroll down and look at the “Amortization Schedule”
  11. Look at the columns for “Interest (Yellow Column) and “Principal” (Green Column). What date will you begin paying more toward the “Principal” than you are in “Interest”?

______

  1. Assume that you dislike the idea of paying that much extra for the home, just for interest, describe what could you do to lower the cost? Test your theory, by entering new numbers in the amortization calculator. Keep all information the same, except change the term of the loan to 15 years. Recalculate. Are you surprised by the results? Explain.