# total amount paid for the home

```Let’s Go Buy a
House…
Project By: Kaylah Birmingham
House Information
• Built in 1926
• Lot size: 6,969 square feet
New York 10583
• 4 Bedrooms
• 4 Bathrooms
• Single- Family Home
• Beech-Hill Neighborhood
• West-Chester County
• \$649,000
http://www.trulia.com/property/3118
746592-66-Edgemont-Rd-ScarsdaleNY-10583#photo-7
Down Payment:
\$649,000 x %20 = \$129,800
The down payment will be \$129,800
Financed:
\$649,000 - \$129,800 = \$519,200
The amount financed will be \$519,200
I am getting the money for the down payment all from my parents, such giving,
charitable people really.
Monthly Payment
\$519,200= p { [1 - ( 1 + .03625/12 )^-360 ] / [.03625/12]} =
\$2,367.82
The total monthly payment will be \$2,367.82
Total Interest
\$2,367.82 x 360 = \$852,415.2 - \$519,200=
\$333,215.20
The total interest will be \$333,215.20
Total Cost
\$129,800 + \$519,200 + \$333,215.20 =
\$982,215.20
The total cost will be \$982,215.20
Monthly Payment
\$519,200= p { [1 - ( 1 + .035/12 )^-240 ] / [.035/12]} =
\$3,011.15
The total monthly payment will be \$3,011.15
Total Interest
\$3,011.15 x 240 = \$722,676.21 - \$519,200=
\$203,476.21
The total interest will be \$203,476.21
Total Cost
\$129,800 + \$519,200 + \$203,476.21 =
\$852,476.21
The total cost will be \$852,476.21
Monthly Payment
\$519,200= p { [1 - ( 1 + .02750/12 )^-180 ] / [.02750/12]} =
\$3,523.40
The total monthly payment will be \$3,523.40
Total Interest
\$3,523.40 x 180 = \$634,212.65 - \$519,200=
\$115,012.65
The total interest will be \$115,012.65
Total Cost
\$129,800 + \$519,200 + \$115,012.65 =
\$764,012.65
The total cost will be \$764,012.65
• Compare the three mortgage structures. In terms of its monthly
payment, which mortgage structure would be the least expensive?
• In terms of monthly payment, structure one would be the least expensive.
• Compare the three mortgage structures. In terms of the amount paid
in interest, which mortgage structure would be the least expensive?
• In terms of the amount paid in interest, structure three would be the least
expensive.
• Compare the three mortgage structures. In terms of total amount paid
for the home, which mortgage structure would be the least expensive?
• In terms of the total amount paid for the home, mortgage structure three
would be the least expensive
• Career: Journalist for the New York Times
• Income: \$109,245
• No husband, no kids (too expensive)
NY State Taxes
Federal State Taxes
Salary Per Year
\$109,245
Divide by 12 (monthly)
\$9,103.75
Federal
-\$2,549.05
Social Security
-\$564.43
Medicare
-\$132
State
-\$564.85
Earned Income Tax
-\$91.03
Emergency Services Tax
-\$4.33
Unemployment
-\$5.46
Take Home
\$5,192.60
Take Home
\$5,192.60
College Loans
-\$250
Car Payment
Paid off
Cell Phone
-\$80
Internet
-\$100
Cable
^bundle^
Electric
-\$150
Car Insurance
-\$1,000
Homeowners Insurance
-\$400
Food
-\$80
Money Before House Payments
\$3,132.60
• Before taking out my house payments, and with budget
considerations, I can save \$3,132.60.
• The only reasonable structure plan then, it Structure One, for 30
years.
• Structure One takes \$2,367.82 our per month.
• Subtracting that from \$3,132.60, and I will be able to save a
total of \$764.78 per month.
• By using structure three, I will have to pay off the house for \$30
years though, so I’ll be 60. Wow.
```