MU-10.2 The Costs of Buying a House
Presentation
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Mathematics
•
12th Grade
•
Practice Problem
•
Easy
+4
Standards-aligned
THERESA DEACON
Used 6+ times
FREE Resource
11 Slides • 9 Questions
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Multiple Choice
Which of the following is a significant cost to consider when buying a house?
Down payment
Monthly rent
Car insurance
Groceries
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6
Multiple Choice
What's the average price of a house in the US in 2023?
$535,800
623,200
714,000
7
$535,800 as of Jan 26, 2023.
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Draw
Once you start learning about buying a house, it can seem there are unexpected costs that show up everywhere. Let’s break it down - what are the most common costs you should prepare for? Read the article and answer the questions.
11
Draw
Once you start learning about buying a house, it can seem there are unexpected costs that show up everywhere. Let’s break it down - what are the most common costs you should prepare for? Read the article and answer the questions.
12
Open Ended
Amanda is planning to buy a house worth $500,000. She anticipates making a down payment of 8%, paying closing costs around 4% of the home’s value, and paying $1500 in moving costs. Approximately how much should she save in preparation for the upfront costs?
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Open Ended
What is one new expense you’ll need to budget for as a homeowner that you don’t pay directly as a renter?
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Multiple Choice
What is the largest expense that someone generally pays at the time they buy a house?
Property taxes
Down payment
Closing costs
Utilities
16
Multiple Choice
Mason has a monthly gross income of $4,846. Help him budget that income based on the 28-36 rule. He should spend at most…
28% on his mortgage and 36% on his total monthly debt payments
28% on his mortgage and 36% on his total monthly housing costs
28% on his savings and 36% on his mortgage
28% on his down payment and 36% on his mortgage
17
Multiple Choice
Sarah realized that she can’t afford to buy a house right now, but wants to get ready to buy in a few years. All of the following strategies could increase her future housing budget, EXCEPT…
Reduce her monthly debt payments
Increase her income
Find a house with higher HOAs
Save for a higher down payment
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