Sarge (sarge104) wrote,
Sarge
sarge104

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Major decision

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
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