Calculate your total monthly carrying costs of the property

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Reference no: EM133633413

Select a property that will serve as a primary residence.

1. Explain your reasoning for selecting this property- ie, location, type of home, purchase price, etc.

2. Decide the amount of the down payment you are willing to contribute to the purchase of your home. Explain your reasoning for the amount you decided to contribute.

3. Select a mortgage product to fund the remainder of the purchase price of the property. Calculate your monthly mortgage payment. Calculate the amount of interest paid over the life of the loan. Explain your chose ofmortgage products.

4. Calculate your total monthly carrying costs of the property (principal,interest, insurance and taxes)

5. Calculate your ratios. First calculate the percentage your monthlymortgage payment represents of your monthly gross income (<= 25%). Inaddition, calculate the percentage your total monthly carrying costs

Reference no: EM133633413

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