Pre-Calc Finance Project
Sebastian McCarty Hour 1
Student Loans: $20,000
Car Payment: $400 per month
After she takes 30% of her salary for taxes she's left with: $21,000
Per-Month Spending: $1,750
Student Loan: $230.16
Car Insurance: $83.33
Total Monthly Expenses: $1,406.05
Budget Left For House: $343.95
What Jenny Can Afford For A House
Jenny can afford a house that is worth $70,971.27.
Jenny found a beautiful, sufficient house that is only worth $53,500. With the house being cheaper than what she can actually afford, she will have a good amount of money left over.
Monthly House Payment/Interest
With the house being $53,500 and paying it off over the course of 30 years, Jenny will have a monthly house payment of $259.28.
However with an interest rate of 4.125%, over time she will actually pay $93,340.80. A difference of $38,340.80 from the original cost.
Monthly Payment Increase of 15%
Jenny's new monthly payment will be $298.17.
With an increase of $38.89 towards the monthly payment, Jenny will be able to pay off the house in 11 years and 8 months instead of 30 years.
The total difference in the amount paid would be: $51,595.81.
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