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Total Income: initial and post-tax Christopher Wong Michelle Chan
Savings Christopher Wong (10% of adjusted income = $3,065.00) Savings account at Bank of America in Detroit: $2,065.00 APY = 0.05% for a regular account No monthly fee Checking account at Bank of America in Detroit: $1,000.00 Michelle Chan
(10% of adjusted income = $5,065.00)
Savings account at Bank of America in Detroit: $4,065.00
Checking account at Bank of America in Detroit: $1,000.00
Remaining Income Christopher Wong $31,825.00 - $3,065.00 (savings) $28,760 Michelle Chan $45,150.00 - $5,065.00 (savings) $40,085
Housing 4382 Seebaldt St City: Detroit Zip Code: 48204 Located in Wayne County Single family house Two stories plus basement 2 bedrooms/2 bathrooms 2-car garage
Housing Costs Buying for $5,500 House size: 2,704 square feet $2.03 per sq. foot Lot size: 5,227 square feet Property taxes: $2,519.00 Homeowner’s Insurance from Allstate: $800/year (If we decided to make a 10% down payment: $550 A 30-year fixed mortgage would be $92 per month.) Housing, property taxes, and homeowner’s insurance are equally shared costs. ($2,750.00; $1,259.50; and $400.00 each, respectively. Total of $4,409.50 each)
Remaining Income Christopher Wong $28,760.00 - $2,750.00 (cost) - $1,259.50 (tax) - $400.00 (insurance) $24,350.00 Michelle Chan $40,085.00 - $2,750.00 (cost) - $1,259.50 (tax) - $400.00 (insurance) $35,675.50
Healthcare Blue Cross Blue Shield of Michigan Christopher Wong
Michelle Chan Young Adult Blue Max $1,144.92 annually (age 25) $95.41 per month per person $1,000 deductible 70% coinsurance for in-network services 30% copay for in-network services Individual coverage Ouch!
Remaining Income Christopher Wong $24,350.00 - $1144.92 (healthcare) $23,205.58 Michelle Chan $35,675.50 - $1144.92 (healthcare) $34,530.58
Transportation Lease for one year: $7395.24 $616.27/month (for 36 months) Michelle, who makes more money, is paying this total Car Insurance: Allstate Michigan coverage adhering to Michigan state laws; $130.00/month = $1,560.00 annually Split cost: $780per .00/person Price of Gas Gallon: $3.85 (regular) Roughly estimated 10 gallon usage: $38.50/week = $2,002.00/year Split cost: $1,001.00/person Umbrella Policy: $1,000/annually = $500.00 per person per year 2011 Honda Pilot 4WD LX
Utilities (equally shared costs calculated on annual basis) Cox Deluxe Bundle Service ($82.44 per month): $989.28 Includes cable, Internet, and land line phone services Electricity (about $90.00 per month through Detroit Edison): $1,080.00 Water (about $65.00 per month through Detroit Water and Sewage Department): $780.00 Gas (about $95.00 per month through Detroit Edison): $1,140.00 + Cell Phone Plan (Verizon Unlimited Talk, Text, and Data plan; $120.00 per month EACH): $1,440.00 EACH Total cost for all utilities will be $3,434.64 each. Christopher’s Hello Kitty iPhone 4