You can reach financial success but you need to manage your debt wisely. Be ready to tackle some tough choices and trade-offs if you are aiming to grow and accumulate wealth.
Plan to get the more attractive federal loans before seeking loans from private banks. Apply for scholarships, grants, and work-study programs. Most importantly, make sure you and your children understand how to repay your obligations on time.
Before actively looking to buy a home, make sure to check your credit reports first to see what kind of financial shape you are in. Make sure it becomes a regular part of your life to habitually check your credit reports and score.
Here is your breakdown for your 15-year mortgage:
1. Monthly principal and interest costs: $4,544 and total year’s costs are $54,528, excluding down payment.
Consider 15 year fixed mortgages vs. 30 year fixed mortgages
2. Your home’s total costs with a 15-year mortgage are $977,898.
3. This includes the $160,000 down payment, $640,000 you borrowed, and $177, 898 in interest payments over the course of 15 years.
1. Monthly principal and interest costs of $3,092 and total year’s costs are $37,104, excluding down payment.
2. Your home’s total costs with a 30-year mortgage are $1,273,289.