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|
|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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