1. Home Sweet Home By Anna Earhart and Erving Peña

3. http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htmhttp://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm There are calculators that will do the math for you, but it is helpful to remember the formula so you can double check figures with confidence no matter where you are. http://www.mshc.com http://www.bankrate.com http://mortgage-x.com/calculators

4. 30-year mortgage • Payments go mostly • toward interest for first • 15 years • Total interest will be • almost as much as the • sticker price of the house I love it MLS#1163452

5. 15-year mortgage -I don’t love it -Looks like it may need some repairs -Interest rate is lower -Payments always go mostly toward principal so equity builds quickly -Can sell or rent out if income goes up MLS#1171354

6. Renting -I don’t love it -I may be tempted to spend “extra” money instead of saving toward house -None of rent builds equity -No big repair costs -Can take my time To find a home I love AND can afford to buy using a 15-year mortgage -Makes it easy to move if I need to change locations A 2-bedroom unit in a 4-plex

7. Remember that the purchase of a property may be an investment as well. So it the property is purchased to be rented out, or to be developed at a further date, I would be wise to consider what would work best for the investor.

8. Attached are the Project findings for Anna Earhart and Erving Peña.

14. Credits