JASON JOLLEY – HIGH SCHOOL GYM TEACHER EXPECTED STARTING SALARY - $35,000 ASHLEY KENNARD – NURSING EXPECTED STARTING SALAR - $59,000

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

 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

PROSCONS  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

 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.

PROSCONS  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.

 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.

PROSCONS  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

PROSCONS  Builds equity  Tax deductions  Control over decorations/repairs  Pride in owning  Responsible for maintenance/lawn  Unexpected repairs  Extra costs-Mortgage insurance, property taxes