# Searching for My New Home

## Scenario One

With only a \$60,000 salary, \$450 car payment, and 30% of my salary being taxes I've finally found a good price on a house that i could afford. I chose a house in Overland Park that was priced at \$355,000.

## How I Got My Loans

I used Bank of America for my loans. The 15 year loan was at an interest rate of 3.875% and the 30 year interest rate was 4.625%

(15 year loan) 355000= R (1-(1+.3875/12)^12*15)

__________________________________.3875/12 ___________________________R= \$2603.71

(30 year loan) 355000= R (1-(1+.4625/12)^12*30)

__________________________________.4625/12_________________________R= \$1825.20

If I chose the 15 year loan instead of the 30 year loan I will save 15 years of payment and I will save \$188404.20

## My Salary

My yearly salary starting off is \$60,000 and monthly is \$5000.

After paying taxes and my car payment I now have \$36600 as my yearly salary and \$3050 as my new monthly payment. With each payment on the house I have enough money to pay the mortgage and I have extra money left over for food and any other bills I may have.