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Buying a House In this project we will be buying a house, and analyzing interest and other aspects of our purchase

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Buying a House In this project we will be buying a house, and analyzing interest and other aspects of our purchase. First will be identifying where our house is going to be. Next, we'll determine the monthly payment on the purchase, and then we'll set up a budget, amortization schedule and answer sotne more questions. 
Part I: Your place. First tell me about your home. It can be a single family home, townhome, or some other similar purchase. Don't rent, as you're looking to make an actual purchase. This could be townhome, small house, mini-house, but something that you own. This can be wherever you would like it to be, as long as you find a loan from a lender in the area. For example, if you fmd a home in San Francisco, you need to fmd a lender in the San Francisco area. Describe the property, telling me about (but not limited to): size of lot; how it looks; property value; how you found it; who will be living in it (roommates, kids, etc); and whom your lender is. Use complete sentences, and at least 6-7 sentences. Some recommended websites: coldwellbanker.com; remax.com. 15 points (description, value, who's living, lender, picture if available) 
Part 2: Rationale. Why did you buy this place? Explain to me why this was your best choice, and explain what influenced you most to make this purchase? Use complete sentences, and at least 5-6 sentences. 15 points 
Part 3: Budgeting. You will need to make (most likely) a down payment on the house. Assume 20% down payment (unless told otherwise by lender). You will also need to find a lender to give you your loan. Local banks and credit unions are best to choose. Make sure you find a loaner in the area of your house. Let's assume you have $30,000 in savings that you have been saving up for the purchase, with no points and you will not be in a bidding war. Also you must pay for closing costs (usually around $8000) unless the seller indicates otherwise. Most of this information can be found on their websites. Find for me, and list clearly: 1. APR (rate) 2. Amount of your loan (after down payment 20% of selling price) and the down payment 3. How much will you pay each month for the mortgage (show work!) 4. How much will you pay in interest for the life of the loan? 5. You may use a fixed-rate or adjustable-rate mortgage (show changes in regular payment for adjustable) Make a budget for one year and four months of living. You may do month by month or an overall total for the time frame. Be sure to clearly list it out. Here are your parameters: 1. Assume you have 4 months rent left on your apartment, currently $1210/month 2. Assume you make (net) $56,000 a year at your job. This can be considered an asset. 3. Assume no loans, outside debt, etc 

4. Include in your calculations (these at least): food (eating out, groceries), gas, insurance (home, health, vehicle), clothing, entertainment (includes gym/online subscriptions), utilities, 'rainy day fund', intemet, phones, travel, rent, and anything else you feel is relevant. 
5. You may use your current expenses/assets if you prefer. That is, if you want to use your current fiscal situation you may, just make it clear you are doing so in your budget and notes. 6. You must list your total expenses and total income for the year and 4 months. You must breakdown the budget for all categories, so 'food' must have a number for 'eating out' and `groceries'. The chart on the right is just a basic example. Yours should not look exactly the same. You must include multiple people (kids, spouses, etc) in these numbers if relevant. 
Budget 
Food 
Gas 
Insurance 
Clothing 
Entertainment 
Utilities 
Internet 
Phones 
Travel 
Rent 
`rainy day' 
Total/month 
7. IDEALLY, you will stay within budget. That is, you won't spend more than you earn. However, you won't lose points if you go over budget. 
30 points Part 4: Amortization schedule. 

You will include an amortization schedule for your mortgage. I would use a website that automatically generates these. They are a quick google search away. Specifically I want you analyze the first 10 payments and last 10 payments. I want you to find the percentage of the first 10 payments that go to principle/interest, and the same for the last 10 payments. For example: 
Monthly payment 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200 
$1,200  $12,000 
interest 
$1100 
$1100 
$1100 
$1100 
$1100 
$1100 
$1100 
$1100 
$1100 
$1100 
$11,000 
principle 
$100 
$100 
$100 
$100 
$100 
$100 
$100 
$100 
$100 
$100 

$1,000 
We can say that of the first 10 payments, 11,000/12,000 or 92% of payments went to interest, and thus 8% to principle. You must show the data from the first and last 10 payments at least. 10 points