For the calculations, you may have to guess on some of the numbers, and that’s okay. Here is my suggestion:

Home Price
Use the home you choose in the Borrower Decisions Homework Assignment.
How Long You Plan to Stay
Only you know that answer.
What are Your Mortgage Details?
Rate:
Use 4.5% as suggested by a local mortgage banker
Down Payment:
Use the Down Payment from your Borrower Decisions Homework Assignment
Length
15 or 30 years
What Does the Future Hold?
Use the numbers already set in the interactive tool
Taxes
Use the numbers already set in the interactive tool
Closing Costs
Use the numbers already set in the interactive tool
Maintenance Fees
Maintenance/Renovation
Use the set number or choose your own
Insurance
Use 0.50%
Utilities
Use your current utility bills, although they will probably be higher in a bigger house
Common Fees
None on either one
Additional Renting Costs
Use your actual current rent numbers or guess if you do not currently rent

1. After reading the article and working through the interactive tool, prepare a Reflection over what you learned. Compare against the estimated monthly payment from the house you chose in Borrower Decisions, should you buy the house? Or continue renting? Was this tool helpful? Why or why not? Think about what you have learned over the semester, are you ready to buy a home? Will you be ready in 5 to 10 years?

You can either prepare a written Reflection (roughly one page) or prepare a podcast (roughly 3-4 minutes). Whichever you choose, be sure to really think about the questions posed and be sure to answer thoughtfully.