My Theoretical Budget
Income Upshot
What you will see if you follow the link is the average results for people living in "my" area. It also show statistics of what people have/are who make a very similar income, such as "Am I married, what pet would I have, and My T.V. usage."
Compound Interest
Mortgage
Borrowed Amount -- $249, 500
Interest paid -- $232, 673
Total paid to the Bank -- $482, 173
In this project I made a spreadsheet. This spreadsheet taught me about Amortization. Amortization is the process of killing off the debt on your house over a period of time. The industry standard is 360 months, which is equal to 30 years. I used the "price" of a house in Bend, Oregon, at about $249, 500. I used 5% interest increase per year. It cost me a lot of money, but I hope I enjoyed my house for the thirty years I have "lived" in it. This has taught me to choose my house with care because I will paying for it for the next 30 years. Also, "Can I afford this for the next 360 months down the line?"