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Team #4 Personal Investing Options-Buying a House

Team #4 Personal Investing Options-Buying a House. Stephen Tran- Organizer Shake Babakhanyan- Techie Paige Lewis- Summarizer. Project Scenarios. Scenario One Rent an apartment for five years before buying a house and paying off the mortgage in 30 years Scenario Two

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Team #4 Personal Investing Options-Buying a House

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  1. Team #4Personal Investing Options-Buying a House Stephen Tran- Organizer Shake Babakhanyan- Techie Paige Lewis- Summarizer

  2. Project Scenarios • Scenario One • Rent an apartment for five years before buying a house and paying off the mortgage in 30 years • Scenario Two • Rent an apartment for ten years before buying a house and paying off the mortgage in 25 years

  3. Buyer Description • 23 year old engineering graduate • Starting salary of $60,000 a year • Looking to buy $500,000 house • Currently renting a one bedroom apartment for $1000 a month including utilities

  4. Scenario Constants • Wants to pay the house off 35 years from now • Can afford to save 15% income for down payment

  5. Goal • At 7% interest on the mortgage, which is the better option? • Is to see if the savings put into the down payment makes the monthly payments possible

  6. Resources • Personal experience • Market prices from internet sources • Textbook • Bank representative

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