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Home Purchase Worksheet
Show all calculations!
1. Look through the newspaper to find a house. Describe the house (# of bedrooms, square feet, # of bathrooms, location). Attach to this worksheet. What do you like about it? What does it still need?
Asking price: $________________
2. 20% of the final price is a typical down payment. Multiply .2 by the asking price and write it in the space.
Down payment: $______________
Subtract #2 from #1 to see how much money you need to borrow. This is your loan principal.
Loan/Principal: $______________
Aside from a down payment, you will also need to pay "closing costs," fees associated with the purchase of your home. They total about 2% of the home's value. Multiply .02 by the asking price and write that figure in the blank.
Closing Costs: $_______________
5. You will also have to pay for inspections to make sure the house is pest free and sturdy. You will need a
termite inspection and a general contractor's inspection. These will total about $800.
Inspections: $_______________
6. Add together #2, #4, & #5. These are your up-front costs for purchasing the house.
Up Front Costs: $_____________
Assume you get a mortgage loan rate of 7.5% for 30 years. Go to bankrate.com/mortgages/mortgage calculator. Enter your principal (#3) and state your monthly payment.
Monthly mortgage payment: $_____________
8. You will also need to pay for homeowner's insurance and property taxes. Multiply the purchase price (#1) by 1.25% (.0125) to get a yearly amount, then divide by 12 to get a monthly figure.
Monthly property taxes & HO insurance: $_____________
9. To find out your approximate monthly payment, add #7 to #8, and this is your monthly housing cost.
Monthly housing cost: $_____________
Find out how much money you could save and how you could shorten the length of time to pay your loan if you pay a little extra each month. Go to back to bankrate.com/mortgages/mortgage calculator, click on amortization calculator and enter the amount you want to pay extra each month. You will have to manually subtract the new total interest from the previous total interest to calculate savings.
Monthly Pre-Pay $_________ Amount of Savings $_________ Length of Time Shortened __________
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