Math 1050

Mortgage Project

During this project, we looked at the cost of buying a house and some information on the recommended income level compared to the monthly payment of the mortgage.

As a returning student who has been living in apartments for the least twelve years, I understand the desire to own a home and have some of my monthly payment used to build equity. In the past I have looked at buying a house, and built spreadsheets to help me understand the actual cost and how much of the total cost of a house is interest. The tools learned in this class have given me more effective methods for determining the cost and payments, and have also reinforced my understanding of the financial situation I would like to be in before entering into a mortgage.

While the current level of interest rates makes it more affordable to buy a house, and many people are doing so, there is still a large number of people who don’t fully understand the math involved and rush in without fully considering the actual cost relative to their income.

I will be waiting to buy a house and when I do this project, and the tools I learned in this class, will help me have a more successful future through the application, and understanding, of math.

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