In this project students will select a house that they would like to buy and investigate the total costs involved in purchasing that home. This assignment is worth a total of 50 points and has points possible listed next to each question. I use this activity in my Personal Finance course. Topics covered include:
Reasons for choosing the house
Renting as an option
Using a mortgage calculator to compare and contrast a 15 year vs. 30 year loan term
Analysis of 15 vs. 30 year mortgage
Analysis of renting vs. owning
Argument for or against "a mortgage is good debt"