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, 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 every day on the way to work plus with lunch!
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, you would have spent an additional $112,932, all because 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, looking back, you would say to buy now…