Federal Income Tax
Salary
Hourly wage
Monthly Budget
Mortgage
1.
John graduated with a degree in Electrical Engineering and got a job starting at $62,800 a year in Austin. He has student loans totaling $46,000 and will start making monthly payments of $625 in September. He also has a credit card payment of $133 per month on expenses he incurred during Spring Break. John currently pays $800 per month for an apartment near his work and will need to get a vehicle to travel to Dallas once a week. John is interested in purchasing a home, will he qualify? if so, how much of a mortgage can he afford.
2.
John graduated with a degree in Electrical Engineering and got a job starting at 62,800 a year in Austin. His Wife Julie has a job as an Assistant Chef making $22 per hour at 32 hours a week, but only works 42 weeks out of the year. They have student loans totaling $56,000 and will start making monthly payments of $725 in September. They also have a credit card payment of $153 per month on expenses they incurred during Spring Break. They currently pay $1100 per month for an apartment near their jobs and Julie will need to get a vehicle to travel to work, but John can walk. They are interested in purchasing a home, will they qualify? if so, how much of a mortgage can he afford.
3.
Carlos graduated with a degree in Psychology and got a job starting at 43,500 a year in Dallas. He has student loans totaling $32,000 and will start making monthly payments of $425 in September. He also has a credit card payment of $275 per month on expenses he incurred getting treatment for a torn ligament in his knee. He currently pays $400 per month for an apartment that he splits with a friend. Carlos is interested in purchasing a home, will he qualify? if so, how much of a mortgage can he afford.
4.
Carlos graduated with a degree in Psychology and got a job starting at 43,500 a year in Dallas. Fernanda his wife got a similar job starting at 46,800 a year at a different Hospital. They have student loans totaling $52,000 and will start making monthly payments of $725 in September. They also have a credit card payment of $275 per month on expenses Carlos incurred getting treatment for a torn ligament in his knee. They currently pays $725 per month for an apartment. They are interested in purchasing a home, will they qualify? if so, how much of a mortgage can they afford.
5.
Janice graduated with a degree in Elementary Education and got a job starting at 44,500 a year in Houston. She has student loans totaling $22,000 and will start making monthly payments of $285 in September. She also has a credit card payment of $175 per month from travel expenses. She currently pays $590 per month as her share for a house that she rents with her two sisters. She also receives a structural settlement of $235 per month as the result of an accident 4 years ago while traveling on a city bus. Janice is interested in purchasing a home, will she qualify? if so, how much of a mortgage can he afford.
6.
Janice graduated with a degree in Elementary Education and got a job starting at 44,500 a year in Houston. Her husband Bill has a job that pays him $32.75 per hour an Underwater Welder working 28 hours per week, working 42 weeks per year. they have student loans totaling $32,000 and will start making monthly payments of $455 in September. They also have a credit card payment of $275 per month from travel expenses. They currently pay $790 per month as their share for a house that they rent with a relative. They are interested in purchasing a home, will they qualify? if so, how much of a mortgage can they afford.
7.
Raquel graduated from high school and got a job at Furr’s making $9.00 per hour working 40 hours per week, 50 weeks per year. She has 2 children and receives child support payments of $425 per month from a former boyfriend and $350 a month in alimony payments from an ex-husband. She also has a credit card payment of $225 per month for childcare services. She currently pays $250 per month after receiving housing assistance from the city of Plano, Texas. Janice is interested in purchasing a home, will she qualify? if so, how much of a mortgage can he afford.
8.
Rogelio graduated from high school, went to Vocational School and got a job at Sears as a mechanic making $18.00 per hour working 40 hours per week, 50 weeks per year. He has $18,000 in school loans and pays $299 per month. He has 3 children and receives child support payments of $525 per month from his ex-wife. He also has a credit card payment of $325 per month for childcare services. He currently pays $295 per month after receiving housing assistance from the city of Brownsville, Texas. He also gets $200 per month from Sears for educational loan payments. Rogelio is interested in purchasing a home, will he qualify? if so, how much of a mortgage can he afford.
9.
Tom graduated from high school 6 years ago and got a job at Costco. He currently makes $16.50 per hour working 40 hours per week, 50 weeks per year. He has a daughter and receives $675 per month from social security benefits as the result of his wife passing away 3 years ago. Just recently bought a new camaro and had a car payment of $405 per month, and received 1 free month of no car payment every year from a contest that he won. He also has a credit card payment of $75 per month for supplemental child care services. He currently pays $350 per month after receiving housing assistance from the city of Plano, Texas. Tom is interested in purchasing a home, will =he qualify? if so, how much of a mortgage can he afford.
10.
Tim graduated from high school 4 years ago and got a job at Sam’s Club. He currently makes $13.50 per hour working 40 hours per week, 50 weeks per year. He has a daughter and receives $575 per month from social security benefits as the result of his wife passing away 7 years ago. He recently bought a new truck and has a truck payment of $329 per month. He also has a credit card payment of $95 per month for supplemental child care services. He currently pays $210 per month after receiving housing assistance from the city. Tim is interested in purchasing a home, will he qualify? if so, how much of a mortgage can he afford.
1. Which was your scenario?
2. After all expenses were paid, how much of a mortgage could your person/people afford?
3. Are there any expenses that could be reduced to have more disposable income?
4. How much better could your person/people have prepared in order to have a better life?
1. Which was your scenario?
2. After all expenses were paid, how much of a mortgage could your person/people afford?
3. Are there any expenses that could be reduced to have more disposable income?
4. How much better could your person/people have prepared in order to have a better life?
