NAK'S BUSINESS



SPAM and Debt Payment OptionsCalculating Homes – Home Values: $350,000 and $300,000Cash on hand: $50,000Loan Term: 30 Year FixedInterest Rate: 5.0%PMI: CurrentHOA Fee: $400Home owners Expenses in : use 0 for all entries so that you only get the PMI and Interest calculations in the Total Monthly Payment$300,000 Home ScenarioFor the last three lines, create your own scenario for down payment and extra payments. Please take into account PMI, monthly payments, interest, and the 50/20/30 rule or variation that does not exceed 60% for your fixed expenses. Please see the website for the 50/20/30 rule and the expenses that fall within each category. Your monthly net income is $5,200.Down Payment %Down Payment AmountNew Loan AmountMonthly PaymentPMIMonthly Payment + PMIExtra Monthly PaymentOverall Monthly Payment + HOA Total Interest + Total PMILoan Payoff Date (months)3%$9,000.00$291,000.000 For the Chart below: Transfer the information from above to the chart below. Calculate the differences between the 3% (Greyed area) and your other two options. Your 2nd and 3rd options must include a higher down payment amount and an additional monthly payment.Down Payment %Down $ AmountExtra Payment (MO)Overall Monthly Payment + HOATotal Interest Paid + PMITotal $$$ SavedTotal Time Saved (months)3%$9,000.000$350,000 Home ScenarioFor the last three lines, create your own scenario for down payment and extra payments. Please take into account PMI, monthly payments, interest, and the 50/20/30 rule or variation that does not exceed 60% for your fixed expenses. Please see the website for the 50/20/30 rule and the expenses that fall within each category. Your monthly net income is $5,200.Down Payment %Down Payment AmountNew Loan AmountMonthly PaymentPMIMonthly Payment + PMIExtra Monthly PaymentOverall Monthly Payment + HOA Total Interest + Total PMILoan Payoff Date (months)3%$10,500.00$339,500.000 For the Chart below: Transfer the information from above to the chart below. Calculate the differences between the 3% (Greyed area) and your other two options. Your 2nd and 3rd options must include a higher down payment amount and an additional monthly payment.Down Payment %Down $ AmountExtra Payment (MO)Overall Monthly Payment + HOATotal Interest Paid + PMITotal $$$ SavedTotal Time Saved (MO)3%$10,500.000Answer the following questions on a separate sheet of paper: JEE/ACE Response Strategy1.If the homes were rated (SPAM) exactly the same, which house would you choose and why?2.If you knew that this house was your FIRST home and not your FOREVER home, which would you choose and why?3.If the homes were rated (SPAM) exactly the same, what outside factors would you consider when purchasing your FIRST home?Note: Do not include any topics that are related to SPAM as a part of these factors ................
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