Finace Project
Ian Highbarger Hour 7
Maximum Monthly Mortgage
Total Income: $50,000
$50,000 / 12 = $4,166
$4,166 * .36 = $1,500
Car Payment + Mortgage < $1,500
$450 + Mortgage < $1,500
Mortgage < $1,050
Maximum Affordable Loan
All calculations are shown for a single month.
Income - Tax calculations: ($50,000 * .75) / 12
Income - taxes: 3125
Car payment: 450
Food: 300
Car gas: 100Car insurance: 250
Water: 30Electric: 125
House gas: 30
Internet: 150
Cell phone: 45
Entertainment: 200
Home repairs: 75
Expenses: 1755
Max mortgage: 1370
This shows that $1,050 will be able to fit into my budget.
I used Capitol Federal's website to find an APR of 3.938% for a 30 year loan.
Using the finance app on my calculator, I found that the max loan I can take out is about $202,000.
My House
Address: 2049 W 139th Terrace, Leawood Kansas, 66224
Increased Payment
$1,014 * 1.15 = $1,166
Using this as the monthly payment, the number of payments is reduced to 273, which is just under 23 years.
$1,014 as the monthly payment = $365,040 total paid
$1,166 as the monthly payment = $321,816 total paid
This would save you $43,224 by the time you fully paid off the loan.
References
2049 W 139th Terrace, Leawood, KS | MLS 1924053 | Listing Information. (2011, June 29). Retrieved March 26, 2015, from http://www.reecenichols.com/homes-for-sale/2049-W-139th-Terrace-Leawood-KS-66224-143767586