Purchasing a Home Neema Y. Smith
Intro <ul><li>I am 28 years old; have been working for 7 years and have saved $42,000.00 </li></ul>
My Choice… <ul><li>I’m looking for a small apartment/condo in the city – something different than your hum-drum house. </l...
and I chose…
The Home 4620 Piedmont Row Drive #706D, Charlotte - South, NC 28210   Property Type: CONDO/TH List Price: $250,000
Information <ul><li>Beds: 2 </li></ul><ul><li>Full Baths: 2 </li></ul><ul><li>Sq Ft: 1000 - 1300 </li></ul><ul><li>Year Bu...
Monthly Cost = $1,691 Interest Rate = 7% Down Payment = $42,000 25 yrs. Loan Term $50 Est. Home Insurance $258 Est. Proper...
$246,504.47   $1,439.85 $327.10 $1,766.95 11 $246,175.47   $1,437.94 $329.01 $1,766.95 12 $246,831.57   $1,441.75 $325.20 ...
<ul><li>I have a successful career as an experienced graphic designer… </li></ul>
○  Ability to make payments? Salary = $75,000/year ○ After taxes (7.3% FICA) = $69,525 ○ Income/mo. = $5,793.75
○  Ability to make payments? DEBT / INCOME -  Debt/Income is the ratio of how much I have to pay and how much I am bringin...
DEBT / INCOME    = $1,691 / $5,793 Debt / Income = 29% <ul><li>I will be able to make payments on time. </li></ul>
-  With the $42,000 that I’ve saved up, I can: <ul><li>Put money down on the house </li></ul><ul><li>Pay for furniture </l...
-  I decide to use the money for a down payment. The more I pay at the get-go, the less time it will take for me to finish...
The amortization calendar I previously showed demonstrated the first 12 months of payment. After 25 years the total loan, ...
Credits: <ul><li>“ MistyWisp” for slide 9 art </li></ul><ul><li>MyAmortizationChart.com for amortization chart – slide 8 <...
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Purchasing a home

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Purchasing a home

  1. 1. Purchasing a Home Neema Y. Smith
  2. 2. Intro <ul><li>I am 28 years old; have been working for 7 years and have saved $42,000.00 </li></ul>
  3. 3. My Choice… <ul><li>I’m looking for a small apartment/condo in the city – something different than your hum-drum house. </li></ul><ul><li>At 28 I don’t plan to have any kids, but I’ll need room for my artwork (office, studio, etc.) </li></ul><ul><li>Key selling points for me are big windows, open, airy space, and interesting architectural features. </li></ul>
  4. 4. and I chose…
  5. 5. The Home 4620 Piedmont Row Drive #706D, Charlotte - South, NC 28210 Property Type: CONDO/TH List Price: $250,000
  6. 6. Information <ul><li>Beds: 2 </li></ul><ul><li>Full Baths: 2 </li></ul><ul><li>Sq Ft: 1000 - 1300 </li></ul><ul><li>Year Built: 2006 </li></ul>
  7. 7. Monthly Cost = $1,691 Interest Rate = 7% Down Payment = $42,000 25 yrs. Loan Term $50 Est. Home Insurance $258 Est. Property Taxes $1,330 Principal & Interest
  8. 8. $246,504.47 $1,439.85 $327.10 $1,766.95 11 $246,175.47 $1,437.94 $329.01 $1,766.95 12 $246,831.57 $1,441.75 $325.20 $1,766.95 10 $247,156.77 $1,443.63 $323.31 $1,766.95 9 $247,480.08 $1,445.51 $321.44 $1,766.95 8 $247,801.52 $1,447.37 $319.57 $1,766.95 7 $248,121.10 $1,449.23 $317.72 $1,766.95 6 $248,438.82 $1,451.07 $315.88 $1,766.95 5 $248,754.70 $1452.90 $314.05 $1,766.95 4 $249,068.74 $1,454.72 $312.23 $1,766.95 3 $249,380.97 $1,456.53 $310.41 $1,766.95 2 $249,691.39 $1,458.33 $308.61 $1,766.95 1 Balance Interest Principal Amount Payment
  9. 9. <ul><li>I have a successful career as an experienced graphic designer… </li></ul>
  10. 10. ○ Ability to make payments? Salary = $75,000/year ○ After taxes (7.3% FICA) = $69,525 ○ Income/mo. = $5,793.75
  11. 11. ○ Ability to make payments? DEBT / INCOME - Debt/Income is the ratio of how much I have to pay and how much I am bringing in.
  12. 12. DEBT / INCOME = $1,691 / $5,793 Debt / Income = 29% <ul><li>I will be able to make payments on time. </li></ul>
  13. 13. - With the $42,000 that I’ve saved up, I can: <ul><li>Put money down on the house </li></ul><ul><li>Pay for furniture </li></ul><ul><li>Redecorate (paint, for example) </li></ul>
  14. 14. - I decide to use the money for a down payment. The more I pay at the get-go, the less time it will take for me to finish paying off the condo.
  15. 15. The amortization calendar I previously showed demonstrated the first 12 months of payment. After 25 years the total loan, including interest, will be paid off.
  16. 16. Credits: <ul><li>“ MistyWisp” for slide 9 art </li></ul><ul><li>MyAmortizationChart.com for amortization chart – slide 8 </li></ul>
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