Purchasing a Home VS Renting

Where we’ve been Job Title Career Title Grocery Clerk Teacher Median Gross National Salary $24,000 $62,000 Net Salary (Salary after taxes and health insurance) (Salary times 70%) $18,900 $43,400

Where we’ve been Comparing public and private schools (full time) Private College Mt. St. Mary – Newburgh, NY Tuition for 1 year $25,300 Campus Fees for 1 year $1040 Room & Board for 1 year $13,290 Total college costs for 1 year $39,630 Total college costs for duration of degree $158,520

Where we’ve been Amount you need to finance: $90,356.40 How much would you have to pay each month? (10y) $1,039.82 Overall cost off college including the interest of the loan (Monthly payments)(months of loan) $124,778.93 Total interest paid on the loan (Overall cost with loan – Initial loan amount) $34,422.53

Where we’ve been Make(Ford, Honda, etc.): Saturn Your Vehicle Information (feel free to record information for more than one car while you do your comparisons):   Make(Ford, Honda, etc.): Saturn Model(Edge, Accord, etc.): Forester  Year: 2011 Price: $17,585 Preexisting Miles: 0 Gas Mileage: 26 highway 20 city

Where we’ve been Total monthly car payment: (5y) $280.33 Choosing Your Car Insurance: Average Premium: $1,193   Monthly Payment (using the average premium): $99.42

Putting it all together Teacher Job/Career Title ________________________   Gross Salary _________ Net Salary____________ Monthly Student Loan Repayment __________ From Purchasing a Car Make _________ Model _________ Year ____________ Gas Mileage _____ highway ______ city Loan or Lease payment __________/month Insurance payment _______/month $62,000 $43,400 $1,039.82 2011 Subaru Forester 26 20 $280.33 $99.42

Net Monthly Income 3616.67 – (1039.82 + 280.33 + 99.42) $2,197.10

Savings Just to add a bit of flair :D Net Monthly Income * 20% = Net Monthly Savings (______)(.20) = ____________ $2197.10(.2) = $439.42 ≈ 400 or 450 = $25,218.94 or = $28,371.31

Rent VS Home Purchase What are the advantages of renting What are the advantages of purchasing a home?

Considerations Monthly food cost Utilities: Electric & Gas Cable Internet Land Line Phone Cell Phone These may be done in a package or not at all, why?

Finally getting that apartment

Finally getting that apartment

Looking to Purchase a Home Affordability – How much home can you afford based on your income and debts.

Looking to Purchase a Home Getting a mortgage to pay for the house This is the dollar amount you will owe every month for every $1,000 you borrow from the bank. Rate 15-year 20-year 30-year 3.250 7.06229 5.67196 4.35206 3.875 7.33440 5.99414 4.70237 4.000 7.39688 6.05980 4.77415 4.250 7.52278 6.19234 4.91940

Looking to Purchase a Home Don’t forget you need to insure the house & pay your taxes