Searching for My New Home
By: Macy Dodd
How I Got My Loans
(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)
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
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.