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Math 1050 Part 3

Math 1050 Part 3. Review Careers Jason Jolley Review Budgets Lennell Fowler Pro’s & Con’s of 30 yr. Mort. Carma Larrabee Pro’s & Con’s of 15 yr. Mort. Ty Rowley Renting vs. buying Ashley Kennard. Our Careers. Jason jolley – High school gym teacher

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Math 1050 Part 3

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  1. Math 1050 Part 3 ReviewCareers Jason Jolley Review Budgets Lennell Fowler Pro’s & Con’s of 30 yr. Mort. CarmaLarrabee Pro’s & Con’s of 15 yr. Mort. Ty Rowley Renting vs. buying Ashley Kennard

  2. Our Careers Jason jolley– High school gym teacher Expected starting salary - $35,000 ASHLEY KENNARD – NURSING EXPECTED STARTING SALAR - $59,000

  3. LENNELL FOWLER – RADIATION THERAPIST EXPECTED STARTING SALARY - $46,272 TY ROWLEY CONSTRUCTION SUPERVISOR EXPECTED STARTING SALARY - $85,000 CARMA LARRABEE RECREATIONAL THERAPIST EXPECTED STARTING SALARY - $39,410

  4. What we learned from our budgets • Income determines how much you will have to budget • Family size determines how much will be spent • A budget helps determine what you will be able to afford on a home or any other expenses • A budget helps plan for the future

  5. 30 Year Mortgage Pros Cons • Lower monthly payment. • May benefit families with a single income. • Greater overall interest • Greater overall cost • Higher interest rate • Longer length of loan • Don’t pay towards principal till much later in the loan • higher Mortgage Insurance if you don’t have 20% down

  6. Details on a 30 year Mortgage • Roughly 10 or more years into the loan, more goes to principal than to interest (if no extra payments are made.) • Paying an extra $100 a month cuts the loan length. • Monthly Payments are always lower when choosing the 30 year option.

  7. 15 Year Mortgage Pros Cons • Lower Interest rates. • Lower loan set up fees. • Pay off home faster. • Overall cost of home is considerably lower. • Pay Down principle faster. • Larger payment. • Have to have more income to qualify for higher payment.

  8. Details on a 15 year Mortgage • Start paying down the principle with the very first payment. • Paying an extra $100 a month cuts the loan length as well but not quite as much as the 30 year since you are already paying down the principle each payment. • Payments are more but the savings make it worth attempting. • A smaller house with a 15 year mortgage makes more since than a 30 year.

  9. Renting pros Cons • No Interest • Cheaper • Not responsible for maintenance • Aren’t tied to one location • Better for an uncertain/changing income • Doesn’t build equity • Limited in decorating • Subject to a landlord • No control over the price of rent changing

  10. Buying Pros Cons • Builds equity • Tax deductions • Control over decorations/repairs • Pride in owning • Responsible for maintenance/lawn • Unexpected repairs • Extra costs-Mortgage insurance, property taxes

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