- Down payment- a percentage of the total cost of the purchase, to their lender.
- Mortgage loan-taken with a bank or other lender.
- Principal- the money borrowed
- Closing cost- are fees and expenses paid to complete the transfer of ownership of a home.
- Mortgage loan= purchase price - down payment
- Cash needed to buy a home= down payment + closing cost.
- Calculate the down payment, closing cost, and mortgage loan amount
- Calculate the total interest cost of a mortgage loan
- Calculate the savings from refinancing mortgages
depreciation- is the loss in value of property caused by aging and use.
security deposit- in addition to their first month's rent when they sign a lease, or a rental agreement.
calculate the cost of home ownership
calculate the cost of renting a home or apartment
compare the costs of renting vs. owning.