Analyze House Costs

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    Please go to the Utah Real Estate site by clicking on the link provided.  Open a new word document where you will type in the answers and hand in for this assignment. (For questions 1-5 below, copy a picture of each house and paste it into your word document. List the price below the house. You should have 5 pictures and 5 prices in your word document.) 

    On the Utah Real Estate site find the following: 

    1. A house in Cache County similar to the one you developed. (Compare square footage and number of bedrooms/bathrooms.) Chances are good that you will find a two level home instead of a one level, but that is all right. 

    2. A house for sale in your zip code (where you live now). Choose the one closest to your house. 

    3. A house for sale in your zip code (where you live now) with 4 bedrooms and over 3000 sq feet. 

    4. A house for sale in Cache County for over 1 million dollars. 

    5. A house for sale in Cache County for under $100,000 that has 3 bedrooms. 

    Now for the real cost part...

    6. Using the house you found for number 1, go to http://www.mortgagecalculator.org/ and enter the following:
  • Home Value: The price of the home you found.
  • Credit Profile:  Good
  • Loan Amount: 80% of the price of the home. (Generally, you can only finance 80% of the cost of the house.)
  • Loan Purpose:  New Purchase
  • Interest Rate: 6.0%
  • Loan Term: 30 years
  • Start Date: Next Month
  • Property Tax: 0
  • PMI: 0 

  • Copy and paste the following questions into your word document:
    a.What is your monthly payment? 
    b.How much do you really pay for this home (total of 360 payments)? 
    c.How much interest do you pay? 
    d. What do you think about this difference between what your home costs and what you actually pay?


    Answer the questions in the Word document.

    Print and turn in your Word document. Be sure your name and class period are at the top of your paper.