Introduction Imagine you have just graduated from college with your bachelor's degree, you've landed your first real job, and you are ready to...

Introduction

Imagine you have just graduated from college with your bachelor's degree, you've landed your first real job, and you are ready to purchase your first home!  Based on everything you've learned from your college education, you know that it's best to plan out the total payments for this new home, so you decide to use Microsoft Excel to map these out!

Requirements:

1)     Searchwww.Redfin.comfor your starter home, one you think you can afford with your new career.  Once you find the perfect one, enter the list price of your home into cell B5 of your Home Payment Analysis Excel worksheet.

2)     You've been preapproved for a 30 year, 4% mortgage that requires monthly payments at the end of each month.  The loan requires a down payment of 5% of the total amount the home value plus the closing costs, which are 4% of the list price.  Assume that you purchase your home on January 1, 2019, and the first mortgage payment is due 1/31/2019.

3)     Once you input the information from requirement 2 into your Payment Analysis worksheet, use the appropriate Excel function to calculate the monthly payment required for this mortgage in cell D8.

4)     After calculating the scheduled monthly payment, prepare the ENTIRE amortization schedule for this loan.  Remember to start the first line with only the ending balance.  Complete the first two payments with formulas on your own, then you should be able to fill through the rest of the loan period (HINT: fill the Payment Number and Date columns first, then the remaining columns).

5)     After completing your loan amortization schedule, research the Mortgage Calculator section of your home listing on www.redfin.comand determine the total monthly property taxes and HOA (Home Owner's Association) fees due and insert those amount into the proper cells.  From this information, calculate your actual total monthly payment.