Buying A House

What You Need To Know:

Purchasing a house on “best case scenario” optimism can put a major stress on an individual or couple. Common schools of thought on what is “affordable” and the creative financing available can add a tremendous amount of risk to the purchase. A home purchase should improve your standard of living - not reduce it. Learn the right way to buy a house.

  15 Year Mortgage 30 Year Mortgage
Loan Amount $100,000 $100,000
Interest Rate 5.00% 5.50%
Payment $791 $568
Total Interest Paid $42,343 $104,403

The interest paid on a $100,000 loan with a 30 year payback in the above example will cost the buyer $62,060 in ADDITIONAL INTEREST versus the 15 year mortgage. What could you do with all that money?

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