Your New Home!
Answer these questions on the back of your floorplan document when you turn it in.
1) Calculate the actual square footage of your home
Square footage: ________
2) Use these rates to calculate the cost of your home in Fresno, Clovis and Beverly Hills
Fresno: $119 per square foot
Beverly Hills: $923 per square foot
Use http://www.zillow.com/local-info/ if you want to find the cost of another city!
2a: How much does your home cost: $ ______
3) Now go to bankrate.com to find how much it would cost over 30 years, with an interest rate of the best you can get with a down payment of 20% the overall value of your home. (If your home is over one million dollars, take the price of your home and divide by 360)
3a: ________ Average cost per month
4) Look up the median income of the city you choose using http://www.city-data.com/ Take the median income and divide by 12, then multiply by .3 to estimate how much money you will actually be able to spend on your house mortgage (the name for a loan that's for a house) per month.
Fresno Median Income: $41,000
Beverly Hills: $79,000
4b. How much money can you afford to pay for a house? $ ______ per month.
4c. Redraw a house that you can actually afford and show the calculations for that here:
5) Instead of starting with the house you want and then seeing if you can afford it, what's a better way to find the best home for you?
1) Calculate the actual square footage of your home
Square footage: ________
2) Use these rates to calculate the cost of your home in Fresno, Clovis and Beverly Hills
Fresno: $119 per square foot
Beverly Hills: $923 per square foot
Use http://www.zillow.com/local-info/ if you want to find the cost of another city!
2a: How much does your home cost: $ ______
3) Now go to bankrate.com to find how much it would cost over 30 years, with an interest rate of the best you can get with a down payment of 20% the overall value of your home. (If your home is over one million dollars, take the price of your home and divide by 360)
3a: ________ Average cost per month
4) Look up the median income of the city you choose using http://www.city-data.com/ Take the median income and divide by 12, then multiply by .3 to estimate how much money you will actually be able to spend on your house mortgage (the name for a loan that's for a house) per month.
Fresno Median Income: $41,000
Beverly Hills: $79,000
4b. How much money can you afford to pay for a house? $ ______ per month.
4c. Redraw a house that you can actually afford and show the calculations for that here:
5) Instead of starting with the house you want and then seeing if you can afford it, what's a better way to find the best home for you?