The Job Description
Job: Head Chef
Salary per Year: $50,000
Salary per Month (after taxes): $2,916.67

For my internet, I use Comcast and pay $49.99 per month
For my TV, I use Direct TV and pay $34.99 a month
For my Cell Phone Plan, I use Verizon and pay $45 a month with unlimited talk, text, and web, but must have wi-if for the web.

I have to pay 30%of my yearly payment to taxes. Before my taxes I have $50,000 and after my taxes I have $35,000. So then I have $2,916.67 a month. I have to pay $732 monthly for heating/AC, trash/recycling, water, groceries, and car.

The House
Place: Cottage Grove, MN
Bedrooms: 2
Bathrooms: 2
House Size: 1,435 sq ft
Lot Size: 2,614 sq ft
Year Built: 1994

The Interest
30-year mortgage (4.375%)= $596.10 per month
20-year mortgage (4.250%)= $579.10 per month
15-year mortgage (3.500%)= $476.90 per month
I chose the 15-year mortgage

THE COST

I CAN AFFORD THIS HOUSE

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After paying required items, house, internet, phone plan, I have $1,577.79 left over to use for entertainment.

What is a Fixed Rate?

Is the rate that will remain the same through the inter time of the loan

What is ARM?
An adjustable rate mortgage

When would you want to use an ARM instead of a Fixed Rate?

For short-term loans

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Sources

• Google.com
• Comcast.com
• Directv.com
• Verizon.com
• Remax.com