Skip to lesson

Choose “Save as PDF” in the print dialog to keep a copy.

Cogito

Consumer Math · Chapter 5 · Lesson 2

Practice Worksheet

Renting and Buying a Home

The largest number most people ever sign.

12 problems · about 22 minutes · TEKS M.M.5.B

NameDate

Figure — use these to answer the problems

Monthly housing cost when buying. The mortgage payment is only the first bar.
Mortgage1200
Property tax300
Insurance100
Maintenance200
Mortgage payment1200
Property tax300
Home insurance100
Maintenance200
Figure 1

Warm Up

Straightforward practice. Get the method working first.

5 problems

  1. A 20% down payment on $200000. Amount in dollars?

    Answer

  2. What do people most often forget when costing a home purchase?

    • Property tax, insurance and maintenance on top of the mortgage.
    • The interest rate.

  3. A 10% down payment on $200000. Amount in dollars?

    Answer

  4. A 20% down payment on $300000. Amount in dollars?

    Answer

  5. Mortgage $1000, tax $250, insurance $80, maintenance $170. Total in dollars?

    Answer

Build It Up

The same ideas with more to keep track of.

3 problems

  1. Net income $5000 a month. What is 30% of it, in dollars?

    Answer

  2. Rent $1400 a month. Annual rent in dollars?

    Answer

  3. Which builds equity? 1 renting, 2 buying.

    Answer

Stretch Yourself

Mixed problems. Work out what kind of question it is before you start.

4 problems

  1. Sort each cost by which arrangement it belongs to.

    Write each item under the heading it belongs to: Security deposit · Renter insurance · Property tax · Closing costs

    Renting

    Buying

  2. A 5% down payment on $180000. Amount in dollars?

    Answer

  3. The Total

    Mortgage $1200, tax $300, insurance $100, maintenance $200. Monthly total in dollars?

    Answerdollars

  4. The Down Payment

    A 20% down payment on a $250000 home. How much, in dollars?

    Answerdollars