Let’s Go Buy a
House…
Project By: Kaylah Birmingham
House Information
• Built in 1926
• Lot size: 6,969 square feet
• 66 Edgemont Road, Scarsdale,
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.