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					Mortgage Unit
  Period 4
 Spring 2008
       By
 Mrs. Stockdale
The Orange Family’s
  Housing Needs
        Number of family
         members
              5


        Number of bedrooms
              4 or 5


        House style
         preference
              Two story
Family Housing Needs (continued)
               Area preference
                     West Des Moines
                      schools


               Other specials needs
                or preferences
                     Office for dad
               Budget


   Combined monthly income = $7,583
   Down payment = $20,000
   Auto Loan payment = $300
   Credit card payments = $250
          Budget (continued)



   Affordable Mortgage Payment =
    $1,879

   Affordable purchase price =
    $302,560
       Houses We Considered
   220 South 30th
    • West Des Moines



   1520 Thornwood
    • West Des Moines



   109 57th Court
    • West Des Moines
109 – 57th Court
West Des Moines
           $300,000
           Polk County two-
            story
           Build in 1998
           West Des Moines
            schools
           No home warranty
109 57th Court (continued)
             Bedrooms = 4 + den
             Bathrooms = 3
             Total finished square
              footage = 2,436 ft2
             Lot size = 13,087 ft2
             Number of garages = 3
County Assessor’s Information
            Land
             • 13,087 square feet
            Year built
             • 1998
            Total square footage
             • 2,436
            Bedrooms
             •4
            Bathrooms
             •3
    County Assessor (continued)
            Most Recent Sale Date
                  10/18/2004


   Most recent seller      Most recent buyer
    • Joseph T. Chmeka       • Derek Ernberger


            Most recent Sale price
                   $295,000
    County Assessor (continued)



   2007 Property Tax Estimate = $4,556

   Assessed Value = $288,500


   (List Price) – (Assessed Value) = $11,500
                 Mapquest




Total Time: 8 minutes   Total Distance: 3.48 miles
 Monthly Mortgage Payment
        30 year loan

      Principle and Interest $1,862

                   + Taxes    379

               + Insurance      70___


Total Monthly Payment $2,311
 Monthly Mortgage Payment
        15 year loan

      Principle and Interest $2,516

                   + Taxes    379

               + Insurance      70___


Total Monthly Payment $2,965
            Interest Savings


   30 Loan Total Interest   $390,624
   15 Loan Total Interest   -173,009
   Savings                  $217,615

				
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