3rd Hour Mrs. Colwell Finance Project
Are you longing for a place to sleep? Looking for a home for that hot new car you just bought? Looking for somewhere that you can rest your weary bones? Well then you are in a similar situation as Brent. This hard working construction worker just wants a place to call his own, but needed some assistance in finding a home that was a good fit. We helped him, and can help you, too!
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How did we find Brent the Perfect Home?
Brent is a construction worker who earns an annual salary of $60,000. Yearly he has to spend about $18,000 on taxes. We wanted to keep his monthly payment less than 30% of his take home pay so he can easily afford future expenses. From this information we found that he can afford to pay $1,050 a month for his new home. Anywhere between $500-1,050 a month is within the price range for Brent. The price range for a home therefore is between $30,000-155,000. We found him the perfect home though for a comfortable $119,900. His loan amount is about $109,900; therefore his minimum monthly payment would be around $659 to fully pay off his loan by the 30 year fixed. If his minimum payment was increased by 15%, making his payment $757.85 a month, he would save $109,130.40 and 12 years, paying off the debt entirely in 18 years. If Brent decides to pay the minimum payment he would in total, spend $272,826.
The home we found him is below. 1009 W Wabash St. Olathe, KS, 66061
This 3 Bedroom and 2 Bath Single Family home will be perfect not only for now but also in the future if Brent ever wants to start a family.
We Think About Your Present and Future Happiness
Reese and Nichols. (2013). 1009 W. Washburn Street. Retrieved December 26, 2013, from Reese and Nichols: http://www.reeceandnichols.com/homes-for-sale/KS/Olathe/66061/1009-W-WABASH-Street-105265455