Annuity Project - Mortgages Jada Thomas 3/16/2015

151 Green St, Canton MA 02021

House Information Total Cost: $1,399,000 Single family home 6 bedrooms 5 full bathrooms 16 rooms in total throughout house 4.78 acres of land In ground custom swimming pool with nice size deck Crown wood moldings and custom woodworking GUEST HOUSE!! http://www.realtor.com/realestateandhomes-detail/151-Green-St_Canton_MA_02021_M47657-04872?row=10

Down Payment & Loan Amount $1,399,000 X 0.20 = $279,800.00 My down payment will be $279,800.00 I will collect some of this money from my savings account, and my boyfriend will deduct some from his savings account too. The rest is a small amount and can be taken from our next checks at work. Finance/Loan $1,399,000 (cost of house) $279,800 (down payment) I will need to finance $1,119,200

Structure 1 Monthly Payment: P = $5,103.48

Structure 1 (continued)

Structure 2 P = $6,490.89

Structure 2 (continued)

Structure 3 P = $7,595.01

Structure 3 (continued)

Analysis Questions #1-3 Compare the three mortgages structure ( monthly ) Structure 1 would be the least expensive. The monthly payment is $5,103.48. Compare the three mortgages structure ( paid in interest ) Structure 3 would be the least expensive. The amount paid in interest is$247,901.80. Compare the three mortgages structure ( amount paid for home ) Structure 3 is the least expensive. The total cost of the house is $1,646,90.80.

Jada - Lawyer

Analysis Question #4 - Jada This house would not be realistic for me based on my future plans because I would not be able to make the monthly payment unless I have money already saved up. I would take home $6,156.59, but after paying all of my bills I would only have $2,226.61 left. The house I picked has a monthly payment of at least 5 thousand dollars and up a month depending on which structure I would use, unfortunately that’s not in my price range. I will have to look around for cheaper houses that fit my pricing range based on how much i’m able to realistically spend monthly on a house. However, if i did have the money to pay for this house Structure 1 would be the best one for me obviously because it’s the cheapest, and who would want to go with a structure that you have to pay more when you can pick one that you can pay less.