Pre-Calc Finance Project
Isaac Brinkman Hr.3
Brent earns an annual salary of $60,000. He has a car payment of $450.00 each month. He wants to buy his first home.
- He can afford $854 a month after taxes and his car payments because home owners should spend no more than 28% of their monthly take home.
- He can afford to borrow $167562.52 If he makes payments of $854 at a 4.55% 30 year fixed rate mortgage.
- If Brent chose a nice house in Olathe for $157,000 his minimum monthly payment would be $720.15 after paying the 10% down payment.
- If Brent decided to pay 15%, $108.03, more every month he would save $31,434.32 and pay off his loan 7 years earlier.
- The Wall Street Journal. (n.d.). Retrieved from http://guides.wsj.com/personal-finance/buying-a-home/how-much-you-should-spend-on-a-home/
- bankrate. (n.d.). Retrieved from http://www.bankrate.com/mortgage.aspx
- 15925 W 144th St, Olathe, KS 66062 is For Sale - Zillow. (n.d.). Retrieved from http://www.zillow.com/homedetails/15925-W-144th-St-Olathe-KS-66062/75579493_zpid/