Assignment - 1 (Due Monday October 19th)
Write a Web program (page(s)) that will help a person to compute the Mortgage payments for a house he/she is planning to buy. This program has to have three functions: a. Advise whether it makes sense to Rent a house or Buy a house. b. Compute the Mortgage & other payments per month. c. Determine if a person qualifies for a Mortgage. The program has to walk the user through a number of different options and collect all the information that is required. The information that has to be gathered from the user are: 1. Complete Name 2. Sex 3. Address 4. State of Residence (NY, NY, CT) 5. The Person's pay (per weekly, bi-weekly, monthly, yearly?) 6. Current Rent 7. The Loan Amount 8. Mortgage Rate (provide defaults like 6.5%, 7.00%, 7.5%, 8.00%) 9. Period of Loan (provide standard periods like, 10, 15, 20 & 30 years) You have to present the user with a spaced out user friendly web interface for navigating through different options. You should not overwhelm the user with all the information at once. Get first four of the above data in the first page, the rest (5 thru 9) in a second page and then display the result in a third page.
The monthly mortage is calculated as follows: (this is not the precise way to do the actual mortgage calculation, rather only a very rough approximation) Principle = 'LoanAmount' Interest = 'LoanAmount' * ( 'MortgageRate%'/100 ) * 'LoanPeriod' Total Payment = Principle + Interest Monthly Mortgage = 'TotalPayment' / ('LoanPeriod'*12) Monthly Property Tax = ( 'LoanAmount' * 'TaxRate' ) / 100*12 Monthly Maintenance = ( 'LoanAmount' * '1.0%' ) / 100*12 The TaxRate is determined by the State of Residence. Assume the following: New York = 2.5% New Jersey = 3.0% Connecticut = 2.75% In addition, a person qualifies for a Mortage of 'LoanAmount' dollars if his/her yearly income is 35% of the loan amount. Example: Monthly Income = $3,000/- 'LoanAmount' = $100,000/- 'MortgageRate' = 6.5% 'LoanPeriod' = 20 Years Principle = $100,000/- Interest = 100,000 * (6.5/100) *20 = $130,000 Total Payment = $100,000 + $130,000 Monthly Payment = $958/- Monthly Property Tax = $250/- (for New Jersey resident) Monthly Maintenance = $83/- The person qualifies for the Loan amount.
Present the user with the following result: Dear Mr or Ms (depending on the Sex field) 'Name', Based on the information that you have provided. It makes/does not make sense for you to buy a house at this time. The numbers below support this conclusion. Monthly Rent : $1,350/- Monthly Mortagage : $958/- Monthly Property Taxes : $250/- Monthly Maintanence : $83.3/- Total Monthly House Cost = $1,291/- You will save $60/- per month and in addition will have property worth over $100,000/- at the end of 20 years. Based on your income, you will qualify for a mortage for a loan of $100,000/- Please contact our office at the below address for helping you save money. --John ........