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1) Iamcurrentlyintheprocessofapplyingandinterviewingforgradschoolforthecareer
ofaCardiovascularPerfusionist.
2) Expectedstartingsalaryisaround$88,750ayearbasedonthiswebsite:
http://www.healthassistancepartnership.org/perfusionistsalary/
3) Iusedazillow.comcalculatorandbasedonmyannualincomeof$88,750andmonthly
debtsof$1,000anda$54,000downpayment,Icanaffordahouseupto$272,981.
4) IwouldliketopurchaseahomeinBountiful,UT
5) Thishomewaslistedon05/24/16.Description:2Story,4beds,3baths,2,508sqft,
singlefamilybuiltin1995
Picture:
Cost:$270,000
Thelistedsellingpriceis$270,000.Assumethatyouwillmakeadownpaymentof20%.The
downpaymentis$54,000.
Theamountofthemortgageis259,246.80.
Askatleasttwolendinginstitutionsfortheinterestrateforbotha15
yearanda30
yearfixed
ratemortgagewithnopointsorothervariationsontheinterestratefortheloan.Nameof
firstlendinginstitution:WellsFargo.
Ratefor15
yearmortgage:2.875%.
Ratefor30
yearmortgage3.625%.
Nameofsecondlendinginstitution:AmericaFirstCreditUnion.
Ratefor15
yearmortgage:2.5%.
Ratefor30
yearmortgage3.25%.
Assumingthattheratesaretheonlydifferencebetweenthedifferentlendinginstitutions,find
themonthlypaymentatthebetterinterestrateforeachtypeofmortgage.
AmericaFirstCreditUnion:
$270,000x.20%=54000.270,00054000=$216000loanamount.
216000=X[1(1+.025/12)^12x15]/(.025/12)
216000=.3124x/.002083
15yearmonthlypayment=$1440.26
216000=X[1(1+.0325/12)^12x30]/(.0325/12)
216000=.6223x/.00271
30yearmonthlypayment=$940.64
PART2
15yearmortgage:
Payment
Number
Payment
Date
Payment
Amount($)
InterestPaid
($)
Principal
Paid($)
Remaining
Balance($)
1.
8/1/2016
1,440.26
450.00
990.26
215,009.74
2.
9/1/2016
1,440.26
447.94
992.33
214,017.41
50.
9/1/2020
1,440.26
343.69
1,096.58
163,873.18
90.
3/1/2023
1,440.26
273.04
1,167.22
118,085.00
120.
7/1/2026
1,440.26
171.71
1,268.55
81,153.74
150.
1/1/2029
1,440.26
89.99
1,350.28
41,843.16
180.
7/1/2031
1,440.26
2.99
1437.27
$0.00
Total
259,246.80
43,247.64
216,000.00
215,009.74
Thetotalprincipalpaidisthesameastheloanamount.
Thetotalamountpaidisthenumberofpaymentstimesthemonthlypayment(1440.26)
Thetotalinterestpaidisthetotalamountpaidminustheloanamount.
Theprincipalpaidisalwayslargerthantheinterestpaid.
Thetotalamountofinterestis$215,999.16lessthanthemortgage
Thetotalamountofinterestis83%lessthanthemortgage
Thetotalamountofinterestis17%ofthemortgage
30yearmortgage
Payment
Number
Payment
Date
Payment
Amount($)
InterestPaid
($)
Principal
Paid($)
Remaining
Balance($)
1.
8/1/2016
940.05
585.00
355.05
215,644.95
2.
9/1/2016
940.05
584.04
356.01
215,288.95
60.
7/1/2021
940.05
523.57
416.47
192,902.60
120.
7/1/2026
940.05
450.19
489.85
165,735.66
240.
7/1/2036
940.05
262.37
677.67
96,198.83
300.
7/1/2041
940.05
142.97
797.07
51,993.67
360.
7/1/2046
940.05
2.54
937.51
0.00
Total
338,418.00
$122,418.00
216,000
Paymentnumber105isthefirstoneinwhichtheprincipalpaidisgreaterthantheinterestpaid
Thetotalamountofinterestis$216,000lessthanthemortgage
Thetotalamountofinterestis64%lessthanthemortgage
Thetotalamountofinterestis36%ofthemortgage
$20,552.00
Thetotalamountofinterestpaidwiththe$100monthlyextrapaymentwouldbe$101,866.
Thetotalamountofinterestpaidwiththe$100monthlyextrapaymentwouldbe$20,552.00
lessthantheinterestpaidforthescheduledpaymentsonly.
Thetotalamountofinterestpaidwiththe$100monthlyextrapaymentwouldbe17%lessthan
theinterestpaidforthescheduledpaymentsonly.
The$100monthlyextrapaymentwouldpayoffthemortgagein25yearsand6monthsthats
54monthssoonerthanpayingonlythescheduledpayments.
PART3
1) Intheveryend,theamountyoupaytotheagencywiththe15yearmortgagepaymentis
$79,171.20(23%)lessthanthe30year.Itsmonthlypaymentisalso$500.21more.
2) Ifyoumake$100paymentsinthe30yearplan,itis$58,619.20morethanthe15year
plan,makingthe15yearplan18%less.
3) Thetotalinterestofthe15yearmortgageis$79,170.36(35%)lessthanthe30years.
4) Ifyouweretopaythe30yearmortgagewithextrapaymentsof$580makingtheloan
endin15years,thentheinterestwouldbe$22,087.77morethanthe15year.Your
monthlypaymentswouldbe$1520.05.
Otherfactorsobviouslyincluderepairsand/orupgradesmadetothehome,andanyother
unexpectedfactors.IfIweretobuythishome,Iwouldwanttogowiththe15yearplan.IfIwas
abletoaffordextrapayments,Iwouldmakethemtothatplan,buttheextrapaymentstomake
the30yearplanlast15yearsisnotworthit.Theinterestrateofthe15yearplanmakesabig
differenceinthelongrun.RentingwouldbeagoodoptionifIwasntplanningonbeinginthe
areaforalongtime,butonceIhadarocksolidjobandwasinanareaIknewIwantedtostay
in,buyingahomeandpayingamortgageisfarbetter,sincethepaymentsarethesame/lower
anditactuallygoestowardpurchasingthehomewhichcouldlaterbesoldandetc.etc.