Purchasing a Home, Part III

Students,

The Purchasing a Home Project Part 3 is due by July 7. This part of the project involves more numbers, but the calculations are like those you have done in Parts 1 and 2.

You will need to calculate a down payment, so remember that a percent is a ratio to 100. If you need 3% of the home price for a down payment, you multiply 3/100, or 0.03, by the price of the home.  Then you need to know that the down payment is the payment required by the lender to secure the loan for the remaining part of the home price, which will be the amount to be financed.

Anytime you need to calculate a percent of an amount, always divide that percent number by 100, then multiply by the amount.

Dont get careless with reading and put down an annual amount when the assignment calls for a monthly amount.  We are computing a monthly payment, so any yearly amounts you have computed here, or from Part 2 -must be converted to monthly amounts.

The EXCEL file that comes with Part 3 is your friend.  Use it for assistance with calculations.

Notice that the monthly principal and interest payment is calculated for you.  Use that number in your monthly mortgage calculations. The monthly principal and interest is the only number on the spreadsheet that you cannot calculate yourself.  

In the same folder with the assignments, there is a PowerPoint, “EXCEL Spreadsheet Explained” for additional clarification on the use of the spreadsheet.

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