New Beginnings in OP

Scenareo 3 Millie Womble

Jenny Figures out her Budget

After taxes are taken from her salary as a bank teller, Jenny has 2,333.33 dollars to spend monthly. Her monthly expenses include:
Car Loan: 230 $
Student Loan: 230.16$ (calculations in picture to the right)
Insurance Payment(15%): 350$
Food Cost(10%): 233.33$
Savings(10%): 233.33$
Clothing Cost(10%): 233.33$
Entertainment(5%): 116.67$
After all of these expenses are subtracted from her monthly salary, Jenny has 706.51 dollars to spend on the home loan.


Jenny works out the Kinks

Jenny goes to Zillow.com to see what the price of her new home could be. According to her monthly allowance she can afford a 94,575 dollar house. She then travels through Zillow.com until she finds a beautiful home in Mission, Kansas which is under her budget. The house would cost 77,500 dollars which is under her budget. The house is located at 7813 West 60th street Mission KS, 66202


Jenny's New Party House

Jenny Works Out the Money Side

Jenny goes to the Bank of Blue Valley and finds out that they will offer her a 6 percent interest rate for a 30 year loan. The Minimum monthly charge they offer is 647 dollars, but if that monthly rate is raised 15% to 744.05 dollars Jenny would save 23 years paying off her debt and she would save 14201.65 dollars as well.


Sources

  1. Zillow, Home Finder. Retrieved from http://www.zillow.com/homedetails/7813-W-60th

    St-Mission-KS-66202/75606757_zpid/

  2. Bank of BV, Mortgage Calculator, Retrieved from https://bankbv.connect.mortech-

    inc.com/connect/jsp/mortgageCenter/calculators.jsp?calc=mortgageCalculator

  3. Zillow, Affordability Calculator, Retrieved from http://www.zillow.com/mortgage

    calculator/house-affordability/