Russell, Laura J.

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Texas A&amp;M Repository

L·749YOUR HOUSING DOLLAR - A DOWN PAYMENTLaura J. Russell*Is the lack of a down payment snagging yourplans for building or buying a new house?Almost any kind of housing requires a monthlycash expenditure. The amount to spend on hous-ing depends upon family size, age of family mem-bers, income, and the values held by the family.An approach to planning is to establish factsabout income and living expenses. By listing theamount spent monthly or annually for currentfamily expenses, you can determine the amount tobe spent for housing.Values of family members determine how readilyresources may be transferred from one source toanother. For instance, a family with a high prefer-ence for home ownership may use all or a part of·Extension area specialist in housing and home furnishings.the funds spent on recreation and entertainmentfor satisfactory housing. A family with a lowpreference for home ownership may choose to con-tinue renting rather than chang-ing their spendingpattern.You can accumulate the amount required fora down payment on a house by adopting a regularmonthly savings plan, based on income after taxes.Interest on the monthly saving-s is excluded in theexample:A family with a monthly income of £300after taxes discovers that the house ithas chosen will require an $800 downpayment. The family can put aside$33.33 per month for 2 years to acquirethe $800 down payment.AMOUNT NEEDED TO COMPLETE DOWN PAYMENT(EXCLUDES INTEREST ON SAVINGS)Amount of Monthly salary Savings Yearsdown payment (after taxes) per month 2 3 4$ 200 $300 $17.00 X$ 800 $300 $33.33 X$1,000 $300 $27.77 X$1,400 $300 $29.16 X18.2Texas A&M University • Agricultural Extension Service • John E. Hutchison, Director • College StationCooperative Extension Work in Agriculture and Home Economics, Texas A&M University and the United States Departmentof Agriculture cooperating. Distributed in furtherance of the Acts of Congress of May 8, 1914, as amended, and June 30, 1914.lOM-8-68

Your Housing Dollar - A Down Payment.

Texas A&M University

L·749
YOUR HOUSING DOLLAR - A DOWN PAYMENT
Laura J. Russell*
Is the lack of a down payment snagging your
plans for building or buying a new house?
Almost any kind of housing requires a monthly
cash expenditure. The amount to spend on hous-
ing depends upon family size, age of family mem-
bers, income, and the values held by the family.
An approach to planning is to establish facts
about income and living expenses. By listing the
amount spent monthly or annually for current
family expenses, you can determine the amount to
be spent for housing.
Values of family members determine how readily
resources may be transferred from one source to
another. For instance, a family with a high prefer-
ence for home ownership may use all or a part of
·Extension area specialist in housing and home furnishings.
the funds spent on recreation and entertainment
for satisfactory housing. A family with a low
preference for home ownership may choose to con-
tinue renting rather than chang-ing their spending
pattern.
You can accumulate the amount required for
a down payment on a house by adopting a regular
monthly savings plan, based on income after taxes.
Interest on the monthly saving-s is excluded in the
example:
A family with a monthly income of £300
after taxes discovers that the house it
has chosen will require an $800 down
payment. The family can put aside
$33.33 per month for 2 years to acquire
the $800 down payment.
AMOUNT NEEDED TO COMPLETE DOWN PAYMENT
(EXCLUDES INTEREST ON SAVINGS)
Amount of Monthly salary Savings Years
down payment (after taxes) per month 2 3 4
$ 200 $300 $17.00 X
$ 800 $300 $33.33 X
$1,000 $300 $27.77 X
$1,400 $300 $29.16 X
18.2
Texas A&M University • Agricultural Extension Service • John E. Hutchison, Director • College Station
Cooperative Extension Work in Agriculture and Home Economics, Texas A&M University and the United States Department
of Agriculture cooperating. Distributed in furtherance of the Acts of Congress of May 8, 1914, as amended, and June 30, 1914.
lOM-8-68


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Your Housing Dollar - A Down Payment.

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Your Housing Dollar - A Down Payment.

Abstract

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Full text

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Texas A&amp;M Repository

Texas A&M University

Texas A&M Repository