Buying a home is a huge investment, and the decisions you make now could haunt you for a long time, 30 years to be exact. Before you enter into any mortgage.
For example, if you're going to borrow $200,000 at 5% and repay it over 30 years, enter "200,000" as the Mortgage Amount, "30" as the Term, and "5" as the.
Paying no PMI for example: If you buy a home for 150K and put 10% down, Another factor to think about is whether you want a 15 year or 30 year mortgage.
Only two neighborhoods in San Francisco can afford you a mortgage like that on a median priced home right now: the Tenderloin and Bayview. That’s it. Of course, almost everyone here breaks the vaunted.
Pay the extra money toward principal that you’d pay on a 15-year mortgage to a 30-year mortgage payment. This makes your 30-year mortgage mirror the 15-year mortgage. In the example, the difference was $253.97. You’ll find that you pay the same interest over the life of the loan and the same monthly payment.