Construction Worker House Hunter

Scenario 1 Rob Nickel

Breakdown Budget

Total Income: $5,000 a month


After Taxes: $3500

After Car Payment: $3050

Food = $250 a month Gas = $200 a month Insurance = $200 Other expenses = $600

After Food, Gas, etc.: $1800 a month could be spent on house payments

The House

The house is a $185,000 condo, big enough for him to settle down and start a family in but not too expensive that he'll drown in payments. With the 4.75% interest rate, he'll have to pay $965.05 a month.


Big image
Paying 15% more than the minimum ($1109) would shorten the loan by 7.25 years and save him $222,419!


$767,044.98

- $544,625.98

=$222,419


Big image