COURSE INDEXPreliminary Questions
Home Buying Start & Registration
Budgeting To Buy a Home
Find Your First House
Inspect Before You Buy
Shop For a Mortgage Loan
Home Mortgage Loan Process
Credit Score and Credit Report
Home Mortgage Loan Closing
Being a Home Owner
Mortgage Quote Request
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Sam graduated from college with a degree in Chemical Engineering. He got a job at Bama Pie Company. He was doing very well at his job and felt he had job security, since Bama Pie makes all the pies for the McDonaldís fast food chain and had recently landed a new, very big contract with Pizza Hut Corp. to make their pizza dough. Samís salary is $38,000 per year, paid on the first and the fifteenth of the month.
Janet also graduated from college with a degree in accounting and got a job with Williams Companies. She passed her Certified Public Accountant exam, which allowed her to get an immediate increase in salary. Janet is making $35,000 per year and also gets paid on the first and fifteenth of the month.
Samís Income: Janetís Income:
Gross: $3,166.67 Gross: $2,916.67
(Soc. Sec. Tax) 242.25 (Soc. Sec. Tax) 223.13
(Fed. Tax) 886.67 (Fed. Tax) 816.67
(State Tax) 221.67 (State Tax) 204.17
(Health Ins.) 100.00 (Health Ins.) 100.00
(Profit Sharing) 150.00 (Profit Sharing) 150.00
Net Salary $1,566.08 Net Salary $1,572.70
Samís Mo. Net $1,566.08
Janetís Mo. Net $1,572.70
TOTAL MO. NET $3,138.78
Apartment Rent $ 500.00 All utilities paid
Car Insurance 125.00 1-car/liab. Only
Auto 250.00 maintenance/repairs
Phone 100.00 both parents live away
Medical 50.00 medicine
Credit Cards 300.00 $2,000 balance for household needs
Loan Payment 150.00 $15,000 balance college loan
Total Expenses: $2,825.00
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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner
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