Pre-calculus Finance Project

Scenario 3, By Nic Redford

At $94,900 this Olathe home is an absolute steal! 416 S MAHAFFIE STREET, OLATHE, KS, 66061

This vintage 1966 home has two garage spaces; 10 cozy rooms, including three bedrooms, and two full bathrooms. With a fenced backyard and a porch, there's no doubt you will love this home.
Info From: 416 S MAHAFFIE Street, Olathe, KS 66061 | MLS 1968748 | Listing Information. (n.d.). Retrieved February 14, 2016, from
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Amortization table and Pie chart from: Amortization Schedule Calculator. (2016). Retrieved February 14, 2016, from
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Pie Chart

With a total cost of $83,315.60 for insurance, plus the principal of $94,900, the total cost of the house after thirty years would be $178,215.60

Another consideration

You could consider paying 15% on your monthly payments, thus paying $569.30 per month rather than $495.04. This would ultimately save you $72,103.30 down the line and pay off the house in about twenty three years. However, I do not recommend this as you are on a tight budget as it is, and with Property taxes and insurance, your monthly house payment will even out to be around $745, according to current tax rates.

Costs of monthly Necessities (given appropriate leeway)

  • Roughly $120 monthly for car insurance. (I recommend choosing progressive, as they are the cheapest insurers in your area.)
  • $50 for 2GB t-mobile cell phone plan
  • $300 for groceries, and supplies a month. (based on national average, for a low spending budget)
  • $150 for gas a month
  • $106 for electricity
  • $100 for water
  • $120 for natural gas (including heat)
  • $45 for internet access
  • This leaves a total of $82.96 left over after mortgage, student loans, car payment, and living necessities.



  • Take short showers, and always turn lights off when your not using them
  • drive CAREFULLY
  • don't get injured or sick
  • consider getting a second job
  • Ask for furniture for Christmas
  • Shop at Aldi(TM)
  • ***Marry a rich person***
  • put any extra money in savings