Finance Project Scenario 3
Katie Wittenbrook hour 6
Jenny's Financial Plan
Monthly Income: $1873.17
30 Year Fixed Interest Rate: 4.625%
Maximum Affordable Price: $109,299.13
House Chosen: 1555 E 120th Street Olathe, KS 66061
House Cost: $100,000
Down Payment: $10,000 (10% of $100,000)
Mortgage: $90,000
ADDITIONAL FINANCIAL INFORMATION
Monthly Payment
Payment: $462.73 (27% of $1,873.17)
Total Money Spent: $166,582.80
Total Time Elapsed: 30 years
15% Increase in Monthly Payment
New Payment: $532.14
Total Money Spent: $145,960.68
Total Time Elapsed: 22 years and 11 months
Benefits
Time Saved: 7 years 1 month
Money Saved: $20,622.12
Wells Fargo Citation
(2013, December 23). Wells Fargo Home Mortage - Today's Rates. Retrieved from
https://www.wellsfargo.com/mortage/rates/?dm=DMIWFHPRAT