1. Purchasing a Home VS Renting

2. 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

3. 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

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

5. 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:
Price: $17,585
Preexisting Miles: 0
Gas Mileage: 26 highway city

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

7. 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

8. Net Monthly Income
– ( )
$2,197.10

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

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

11. 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?

12. Finally getting that apartment

13. Finally getting that apartment

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

15. 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
3.875
4.000
4.250

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