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Sarge [userpic]

Major decision

May 17th, 2008 (05:08 am)

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
5.750 %
5.875 %
6.000 %
6.125 %
6.250 %
6.375 %
6.500 %

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


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

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)

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.

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