# Pre-Calc Finance Project

## Finding the Monthly Payment

After figuring in rationale such as utilities, food, gas, entertainment, and insurance along with taxes, Brent comes away with \$1,559.35. Taxes bring his salary down to \$2,916.67 per month. Rationale, including the car payment, costs \$1,357.32.

## Financing

After figuring out the highest house Brent could buy was in the \$330,000 range, I decided to go with a house that costs \$275,000. Brent saves a lot of money and gets an appropriate amount of space for himself. The monthly payment now costs \$1,293.34. Brent will now pay just under \$200,000 in interest for his house.

## What if the monthly payment increases 15%?

If Brent increases his monthly payment by 15%, he ends up paying \$194.09 more per month, but saves 6 and 1/2 years on his mortgage payment. Another added benefit is paying \$46,193.04 less on his mortgage overall.

## Citations

FIND YOUR HOME. (2015, November 11). Retrieved February 15, 2016, from http://www.reecenichols.com/

Welcome to Bankrate. (n.d.). Retrieved February 5, 2016, from http://www.bankrate.com/