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.
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
Citation
January 3. Remax Midstates. Retrieved from http://www.remax-midstates.com/Condo/12850-Cambridge-Terrace-Leawood-KS-66209/HRT/1849903/