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HOUSING MORTGAGESAlessandra Sher                  http://www.homecreat.com/category/house/mediterranean-                  ...
THE TOTAL AMOUNT PAID FOR THE PROPERTY                         Total amount paid$350,000.00$300,000.00$250,000.00$200,000....
THE TOTAL AMOUNT OF INTEREST PAID BY THETIME YOU’VE PAID OFF YOUR LOAN                         Total interest paid$160,000...
HOW MUCH YOUR MONTHLY PAYMENTS ADDUP TO                       Monthly payment$1,400.00$1,200.00$1,000.00 $800.00          ...
HOW MUCH MONEY YOU CAN SAVE BY PAYINGAN EXTRA 100 PER MONTH                        Save $100$40,000.00$35,000.00$30,000.00...
HOW MUCH MONEY YOU CAN SAVE BY PAYINGAN EXTRA 500 PER MONTH                         Save $500$450,000.00$400,000.00$350,00...
WILL I BE ABLE TO AFFORD THIS?? Job: Lawyer Salary: $131000 30 years 15yearsMortgage payment expense(1245.5/10917) *10...
ANALYSIS• Can you afford the monthly payment for a 15 year mortgage? A 30    year mortgage?I am able to afford both loans ...
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Alessandra new

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15 year loan vs. 30 year loan

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Transcript of "Alessandra new"

  1. 1. HOUSING MORTGAGESAlessandra Sher http://www.homecreat.com/category/house/mediterranean- house/
  2. 2. THE TOTAL AMOUNT PAID FOR THE PROPERTY Total amount paid$350,000.00$300,000.00$250,000.00$200,000.00 Total amount paid$150,000.00$100,000.00 $50,000.00 $0.00 15 years 30 years
  3. 3. THE TOTAL AMOUNT OF INTEREST PAID BY THETIME YOU’VE PAID OFF YOUR LOAN Total interest paid$160,000.00$140,000.00$120,000.00$100,000.00 Total interest paid $80,000.00 $60,000.00 $40,000.00 $20,000.00 $0.00 15 years 30 years
  4. 4. HOW MUCH YOUR MONTHLY PAYMENTS ADDUP TO Monthly payment$1,400.00$1,200.00$1,000.00 $800.00 Monthly payment $600.00 $400.00 $200.00 $0.00 15 years 30 years
  5. 5. HOW MUCH MONEY YOU CAN SAVE BY PAYINGAN EXTRA 100 PER MONTH Save $100$40,000.00$35,000.00$30,000.00$25,000.00 Save $100$20,000.00$15,000.00$10,000.00 $5,000.00 $0.00 15 years 30 years
  6. 6. HOW MUCH MONEY YOU CAN SAVE BY PAYINGAN EXTRA 500 PER MONTH Save $500$450,000.00$400,000.00$350,000.00$300,000.00$250,000.00 $500$200,000.00$150,000.00$100,000.00 $50,000.00 $0.00 15 years 30 years
  7. 7. WILL I BE ABLE TO AFFORD THIS?? Job: Lawyer Salary: $131000 30 years 15yearsMortgage payment expense(1245.5/10917) *100 = 11.4%Total fixed payment($1245.5 + 1329.67)/$10917= 24% 30years Mortgage payment expense845.49/10917*100 = 7.74%Total Fixed payment($845.49 + 1329.67)/10917 = 20%
  8. 8. ANALYSIS• Can you afford the monthly payment for a 15 year mortgage? A 30 year mortgage?I am able to afford both loans as my Mortgage payment expense is 11.4% and my total fixed payment 24%• If you do not qualify for the loans, determine what you could do to change this.- Make more money, get a better job- Increase length of loan• If you have the choice, which one is better?Well with my ideal career choice I would be earn• Is it better to take out a 15 or 30 year mortgage? Explain why. Refer to you pro/con list from the first part of the activity. It depends on the person, if they can afford to pay more monthly, then it would be wise to get a 15 year loan. But if you cant afford to pay that much per month, then a 30 year loan would be better. However with a 30 year loan, you end up paying more with interest.
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