Buying a House

Sam Pint Hour 7

Income and Payment Details

My 60,000 dollar salary is reduced after taxes and general expenses. These general expenses are

$5400 for car payments

$18000 for taxes

$4000 for food

$5000 for other necessities

With discretionary income totaling to 27,000 dollars after these expenses, I can afford to pay $2250 per month.

I can afford to borrow $375,000 with a 4.75% interest rate on a 30 year loan, but since the house is only $105,000, I would only need a 90,000 dollar loan after a 15,000 dollar down payment. With that loan size and a 4.75% interest rate, my monthly payment would be $680 in order to pay the loan off in 30 years.

If I increased my monthly payment by 15%, I would be paying 782 dollars per month. If i payed this amount, I would be able to knock 4 years off my loan, and save around 60,000 dollars.

This house is in Olathe, and costs 105,000 dollars.