Brandon Taylor
FIRE-301
Mortgage Assignment
House Address
Square Feet
Total Price
Bedrooms
Bathrooms
4515 Hanover Ave, Richmond,
VA 23221
1,656
$497,500
3
2
15 Year Mortgage
30 Year Mortgage
Price of Home
$497,500
$497,500
Down Payment Amount (20%)
$99,500
$99,500
(Price of Home – Down Payment
Amount)
$398,000
$398,000
Interest Rate
5.31%
5.31%
Monthly Payment
$3,656
$2,656
$578,161.06
$796,835.38
$4,548
$4,548
Amount Borrowed
Total Paid Back to Bank
(principal + interest over the life
of the loan)
Estimated Annual Property Tax
Amount (This is on Zillow)
Brandon Taylor
FIRE-301
Mortgage Assignment
Escrow Account Monthly
Payment
$444
$444
(Taxes & Insurance)
1. Name two examples of one-time costs you may have when buying a home

Closing costs

HOA Fee
2. Name two ongoing costs you may have when buying a home.

Repairs/Maintenance

Utilities
Compare a 15 year and 30 year mortgage
List 3 advantages and disadvantages for each.
15 Year Mortgage
Advantages
Disadvantages



Pay off home faster
Less interest payments
Quicker equity build-up



Higher monthly payment
Higher interest rate
Less money for other
investments
Compare renting vs owning a home
List 3 advantages and disadvantages for each.
30 Year Mortgage



Lower monthly payments
More interest over term
Lower interest rate



Pay off home slower
Slower equity build-up
Longer time in debt
Brandon Taylor
FIRE-301
Mortgage Assignment
Renting
Advantages
Disadvantages






Minimal maintenance
Lower cost
No commitment to property
No equity built
No tax benefits
Constrained to limits set by
owner (ex. Pets)
Owning



Build equity
Tax incentives
Build credit

Responsible for all
maintenance
Committed to keeping
property for set time
High upfront costs

