Finance Project

By Peter Klug

Total Salary With Taxes

$70,000-$21,000=$49,000
Monthly Salary
$49,000/12=$4083.33

Total Cost For Expenses

Gas for car: $80
Food: $300
Student Loan Payment: $402.78
Car Payment: $325
Cellphone from Cricket Wireless
10GB Data Unlimited Talk and Text: $60
Direct TV Sunday Package: $90
Gas for House: $250
Electric: $150
Car Insurance from Progressive: $120
Necessities: $205
Savings Account: $816.67
Internet Google Fiber: $70
Water Bill: $70
Total Cost: $2939.45

Amount Leftover for Mortgage Payments

$4083.33-$2939.45=$1143.88
This amount is based off a luxurious life style and being a little greedy with the necessities and entertainment. This is bare minimum without giving up wants for a need.

Loan From Bank of America 2016 February 14, 1016 BankofAmerica.com

Rate: 3.625%
Monthly Payments
30 Year Loan
Payment: $1143.88
Present Value of Loan: $250822.66

House of Choice From Reesenichols

12835 Cambridge Road Leawood, KS 66209
3 Bed 3 Bath 1986 Sq. Ft.
Cost: $227500

Increased Principle And Comparison of Payments

Payment boosted by 15%: $1315.46
Time Rather Than 30 Years: 23.7 Years of Payments at higher price
$1315.46 X 248.45 Payments = $326826.04 Actually Paid
$1143.88*360 Payments = $411796.80 Actually Paid
Can Save 6.3 Years and $84970.76 with the higher payments. With the larger payments that could be pulled from either cheaper internet and savings money the loan can be paid off very quickly and save a lot of money in the long run.

1 Year Ammorization Table

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Works Cited

  1. Average Cost of Insurance: Car, Home, Renters, Health, and Pet (2016). (n.d.). Retrieved February 14, 2016, from http://www.valuepenguin.com/average-cost-of-insurance

  2. Cell Phone Plans: Unlimited Talk, Text & Data Access. (n.d.). Retrieved February 14, 2016, from https://www.cricketwireless.com/cell-phone-plans

  3. DIRECTV TV Packages & Prices | Official Site | 1-800-841-3186. (n.d.). Retrieved February 14, 2016, from http://www.directv.com/DTVAPP/content/packages/overview?lpos=Header:1

  4. Google. (n.d.). Retrieved February 14, 2016, from https://www.google.com/?gws_rd=ssl#q=average cost for food per month

  5. Google. (n.d.). Retrieved February 14, 2016, from https://www.google.com/?gws_rd=ssl#q=average cost of electricity per month

  6. Google. (n.d.). Retrieved February 14, 2016, from https://www.google.com/?gws_rd=ssl#q=average cost of electricity per month

  7. Google fiber cost - Google Search. (n.d.). Retrieved February 14, 2016, from https://www.google.com/search?q=google fiber cost

  8. Map. (n.d.). Retrieved February 14, 2016, from http://www.reecenichols.com/Listing/ListingSearch.aspx

  9. Mortgages - Home Mortgage Loans from Bank of America. (n.d.). Retrieved February 14, 2016, from https://www.bankofamerica.com/home-loans/mortgage/overview.go