VERY Cozy Cottage in OP!
Hour 7 Mrs. Colwell Precalc Project (number 2)
The monthly payment for this house is 2855.55 a month.
To get this number we first had to take the annual payment, 70,000, and multiply by .7 because there was a 30% tax on her income. This gave me the number 49,000. Factoring in the car payment of 325 a month, and the student loans of 402.78 which gives us a monthly payment of 2855.55 for whatever house we need to buy. The given rate for a 30 year fixed loan is a 4.625%. This means that the maximum house I could afford would be around 555,000. So, I started looking around on Reece&Nichols and found the house I liked. I hope you enjoy it too!
If the monthly payment for the house was 15% higher, The value for every month would be 3092.80. Thus, when we add this to the formula instead of the old amount, the overall time Harper would save is 70 months or around 6 years. The overall amount in money she would save is 55,220.45.
But first, here is the formula I used to get the number for the maximum house payment I could afford. It is the first picture of the three.
PV Annuity Equation
This is the equation I used to find out how expensive my house could be, without going over budget.
Harper's House!
This lovely house is on Mark Lane. The address is 9304 Lee Court, Leawood KS. The price for this house is 540,000. This means that Harper will have to pay 2776.35 every month for the house.
The house has large 3813 square feet, 4 bedrooms, 5 1/2 bathrooms, and 12 rooms all together.
Living Room
This house features an enormous living room, with a great view that is not pictured off to the right.
More pictures from around the house!
Kitchen
This is the kitchen! This includes a very large space for cooking and holding cooking materials, along with a bar that the whole family can sit at for a quick snack!
Master Bedroom
This spacious room features 2 closets, and a master bathroom which is in the next picture below.
Master Bathroom
This bathroom is very large, and has 2 sinks so there are no arguments over which one goes to who. It also features a bathtub and a shower, in case you wanted to relax if you had extra time on your hands.
Thank you for reading!
Fate, S. (2013, October 10). Reece&Nichols. http://www.reeceandnichols.com/homes-for-sale/KS/Leawood/66206/9304-Lee-Court-106715504#_