Finance Project Scenario 3

Katie Wittenbrook hour 6

Jenny's Financial Plan

Monthly Income: $1873.17

30 Year Fixed Interest Rate: 4.625%

Maximum Affordable Price: $109,299.13

House Chosen: 1555 E 120th Street Olathe, KS 66061

House Cost: $100,000

Down Payment: $10,000 (10% of $100,000)

Mortgage: $90,000


ADDITIONAL FINANCIAL INFORMATION

Monthly Payment

Payment: $462.73 (27% of $1,873.17)

Total Money Spent: $166,582.80

Total Time Elapsed: 30 years

15% Increase in Monthly Payment

New Payment: $532.14

Total Money Spent: $145,960.68

Total Time Elapsed: 22 years and 11 months

Benefits

Time Saved: 7 years 1 month

Money Saved: $20,622.12

Wells Fargo Citation

(2013, December 23). Wells Fargo Home Mortage - Today's Rates. Retrieved from

https://www.wellsfargo.com/mortage/rates/?dm=DMIWFHPRAT