Let's imagine you are looking to buy a home 10-15 years from now. You have been saving your money for some time and now you have saved up $100,000 cash for the down payment towards the purchase of a house. You have found a good house but you are confronted with several options. 1) 15 year fixed loan and make large amount of down payment - down payment of more than 10% of the asking price up to $100,000 2) 15 year fixed loan and make small amount of down payment - down payment of less than 10% of the asking price down to $0 3) 30 year fixed loan and make large amount of down payment - down payment of more than 10% of the asking price up to $100,000 4) 30 year fixed loan and make small amount of down payment - down payment of less than 10% of the asking price down to $0 Instruction Step 1) Decide what year, hence decide your age when this scenarios will take place. Step 2) Decide your annual income and justify the projected monthly income after tax i.e. from what kind of profession/how much is your monthly salary/amount of cash available for the mortgage payment after the living expenses etc. At the end of this step, you will decide and narrow the price range of a house that you think you can afford within a $100,000 interval i.e. $500K $600K or $900-$ 1 million etc. Let's imagine you are looking to buy a home 10-15 years from now. You have been saving your money for some time and now you have saved up $100,000 cash for the down payment towards the purchase of a house. You have found a good house but you are confronted with several options. 1) 15 year fixed loan and make large amount of down payment - down payment of more than 10% of the asking price up to $100,000 2) 15 year fixed loan and make small amount of down payment - down payment of less than 10% of the asking price down to $0 3) 30 year fixed loan and make large amount of down payment - down payment of more than 10% of the asking price up to $100,000 4) 30 year fixed loan and make small amount of down payment - down payment of less than 10% of the asking price down to $0 Instruction Step 1) Decide what year, hence decide your age when this scenarios will take place. Step 2) Decide your annual income and justify the projected monthly income after tax i.e. from what kind of profession/how much is your monthly salary/amount of cash available for the mortgage payment after the living expenses etc. At the end of this step, you will decide and narrow the price range of a house that you think you can afford within a $100,000 interval i.e. $500K $600K or $900-$ 1 million etc