?

Log in

No account? Create an account
Sarge [userpic]

Major decision

May 17th, 2008 (05:08 am)
distressed

current mood: distressed
current song: Engine Noise

Recieved an email from my girlfriend about getting a house togeather. Getting the house would mean planning to stay in the area at least five years in order to insure if I was forced to sell I would get a good return. Ran some of the numbers through the loan calculators and what I saw shooked the living crap outta me.  Paying nearly 200,000 for a house isn't at the top of my list right now but for future security it would allow me to get away throwing nearly four hundred dollars a month down the drain in rent. I just wish this decision didn't have to come right after I nearly went bankrupt from this previous snafu. Life sucks.


First here is an example of the rates I will be able to get if I stay in the military.

 

The payment shown is an estimate of your mortgage payment based on your loan amount (70,000),
interest rate (6.125) and length of the payment terms(30yr).
Payment Comparison Chart
 
$50,000
$60,000
$70,000
$80,000
$90,000
5.750 %
$292
$350
$409
$467
$525
5.875 %
$296
$355
$414
$473
$532
6.000 %
$300
$360
$420
$480
$540
6.125 %
$304
$365
$425
$486
$547
6.250 %
$308
$369
$431
$493
$554
6.375 %
$312
$374
$437
$499
$561
6.500 %
$316
$379
$442
$506
$569

 
      This is a more realistic rate that we would get if my girlfriend and I both worked in town.
Your Input Values
Principal
$ 70000
Interest Rate
8.250 %
Length
30 years
 
Results
  • Monthly Payment: $ 525.89
  • Avg Monthly Interest: $ 331.44
  • Total Interest: $ 119319.18
  • Total Payment: $ 189319.18

Comments

Posted by: teh_kei (teh_kei)
Posted at: May 17th, 2008 05:46 pm (UTC)

That interest rate sounds kinda high.

Posted by: Sarge (sarge104)
Posted at: May 18th, 2008 12:26 am (UTC)

You have to realize that the rates they post are the lowest possible that they can offer to people with outstanding credit. I have excellent credit so the interest rate I can secure from a regular bank shouldn't be much higher then the one that I posted on top. If you have dings on your credit you can expect something along the lines of the second percentage or higher.

Posted by: Risu (skwerly)
Posted at: May 18th, 2008 04:36 am (UTC)
Sniff

hmm...how about going through some kind of mortgage broker? Maybe it's possible to negotiate a lower rate somehow. Also, you're considered the other monthly expenses like water, heat, etc... yes?

Posted by: Sarge (sarge104)
Posted at: May 18th, 2008 07:50 am (UTC)

Correct, which is why I'm concerned about making sure that the payments get made. Like I said, big decision.

Posted by: Risu (skwerly)
Posted at: May 18th, 2008 11:25 pm (UTC)
Sniff

Indeed it is. I was in something similar to your shoes not too long ago. All the best to you and your girlfriend on both of your decisions!

Posted by: Sarge (sarge104)
Posted at: May 19th, 2008 01:46 am (UTC)

Thanks, I shouldn't be stressing so much over it but still the decision has to be made.

Posted by: boiler1 (boiler1)
Posted at: May 18th, 2008 11:48 pm (UTC)

the wife works for a mortgage company and can offer you %6.00.
But that only applies to Wisconsin.

Posted by: Sarge (sarge104)
Posted at: May 19th, 2008 01:51 am (UTC)

Is it bad to want to visit all the Haunted Houses, Mazes and Cornfields there? Heheheh, I'm sure Jen would love that, she liked the spook houses at Notts Berry Farm.

I'm sure if there are people with skid plats and chain saws she would enjoy it even more...heheheheh *evil grin*

Edited at 2008-05-19 01:53 am (UTC)

Posted by: boiler1 (boiler1)
Posted at: May 20th, 2008 12:39 pm (UTC)

well, my power plant is haunted...
there are plenty of chain saws here...
and the best things about wisconsin is...
...Wisconsin Dells=waterpark capitol of the world
...Milwaukee=beer capitol of the world
...Plymouth=cheese capitol of the world
...Sheboygan=Bratwurst capitol of the world
...and after all of that, you know you are going to need to do it, so...Green Bay=Toilet paper capitol of the world

Posted by: Sarge (sarge104)
Posted at: May 20th, 2008 02:46 pm (UTC)

I thought the cheese would counter-act...heheh.

10 Read Comments