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Chapter 10

  • Your Own Home
  • You Will Know
  • Renting
  • Owning a Home
  • Characteristics of Government Programs
  • Patricia's Savings
  • Components of a Mortgage Payment
  • The Four Cs
  • Pre-Qualification
  • Pre-Approval
  • Shop, Compare, Negotiate!
  • Patricia's Mortgage

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    Patricia’s Mortgage





    Cost of Townhouse
    5% Downpayment     		$70,000
    $3,500
      30 year mortgage @ 8%
    Monthly P & I
    Monthly T & I
    Mortgage Insurance
    Maintenance    		 $66,500

    $488
    $88
    $55
    $65
      Total Housing Expenses
      (27.84% of $2,500 monthly income)
    Long Term Debt     		$696


    $200
      Total Housing and Long Term Debt
      (35.84% of $2,500 monthly income)
    		 $896
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