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Buying Your First Home (Renting vs. Owning and 15 vs. 30 Year Mortgages)

Buying Your First Home (Renting vs. Owning and 15 vs. 30 Year Mortgages)
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866 KB|4 pages
Product Description
In this project students figure their purchasing power, select a house that they would like to buy, and investigate the total costs involved in purchasing that home. Students will also compare and contrast the advantages and disadvantages of a 15 vs. 30 year mortgage and renting vs. owning. This assignment is worth a total of 50 points and has points possible listed next to each question. An answer key is also provided with suggested answers. This project goes well with a Personal Finance, business math, or economics course.

Topics covered include:
Purchasing power
Reasons for choosing the house
Renting as an option
Expenses associated
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"

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Total Pages
4 pages
Answer Key
Teaching Duration
1 hour
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