Health & Fitness
With Rates & Prices on the Rise, Do You Know the True Cost of Waiting?
Here are a couple other ways to look at the cost of waiting.
Let’s say your 30 and your dream house costs $250,000 today, at 4.41% your monthly Mortgage Payment with Interest would be $1,253.38.But you’re busy, you like your apartment, moving is such a hassle...You decide to wait till the end of next year to buy and all of a sudden, you’re 31, that same house is $270,000, at 5.7%. Your new payment per month is $1,567.08.The difference in payment is $313.70 PER MONTH!That’s like taking a $10 bill and tossing it out the window EVERY DAY!Or you could look at it this way: That’s your morning coffee everyday on the way to work (Average $2) with $12 left for lunch! There goes Friday Sushi Night! ($80 x 4) Stressed Out? How about 3 deep tissue massages with tip! Need a new car? You could get a brand new $22,000 car for $313.00 per month.Let’s look at that number annually! Over the course of your new mortgage at 5.7%, your annual additional cost would be $3,764.40!Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining. We could come up with 100’s of ways to spend $3,764, and we’re sure you could too!Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $112,932, all because when you were 30 you thought moving in 2014 was such a hassle or loved your apartment too much to leave yet.Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready, but if they showed you that you could save $112,932, you’d at least listen to what they had to say.They say hindsight is 20/20, we’d like to think that 30 years from now when you are 60, looking back, you would say to buy now…
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