http://www.schibber.com/help-with-obtaining-a-mortgage-for-your-new-home/ Real Estate Mortgage Blog Thu, 10 May 2012 00:22:38 +0000 hourly 1 http://www.schibber.com/help-with-obtaining-a-mortgage-for-your-new-home/#comment-33 Pundadora Tue, 13 Mar 2012 22:27:44 +0000 http://www.schibber.com/help-with-obtaining-a-mortgage-for-your-new-home/#comment-33 There are some factors to iedscnor here. First, in today's world, who stays in one spot so long? On top of that, who wants to be paying a mortgage when you are retired? Many people today can't afford to live on their retirement and you want to add a mortgage payment to that?Second, with the way mortgages work, you the bulk of the interest up front. Lets take an example:Say you borrowed $ 300,000 for a home at 6% interest for 30 years. Your payment is around $ 1800.00 per month. You don't get 10% of the loan paid off until year 7. You get to to 20% of the loan paid off in year 12. The total interest you pay the bank over the whole lifetime of the loan is $ 347514.00.If you take the same thing and do a 40 year mortgage your payment per month is $ 1650.00. You get to 10% paid off in year 12. You get to 20% paid off in year 19. The total interest you pay the bank is $ 492,307.20.For a 50 year mortgage your payment per month is $ 1580.00. You get 10% of the loan paid off in year 18 and 20% of the loan paid off in year 27. The total interest paid to the bank is $ 647526.00You can see that going longer is not the smarter thing to do. If you need to have a 40 or 50 year mortgage to afford your home then you need to look at a cheaper home. There are some factors to iedscnor here. First, in today’s world, who stays in one spot so long? On top of that, who wants to be paying a mortgage when you are retired? Many people today can’t afford to live on their retirement and you want to add a mortgage payment to that?Second, with the way mortgages work, you the bulk of the interest up front. Lets take an example:Say you borrowed $ 300,000 for a home at 6% interest for 30 years. Your payment is around $ 1800.00 per month. You don’t get 10% of the loan paid off until year 7. You get to to 20% of the loan paid off in year 12. The total interest you pay the bank over the whole lifetime of the loan is $ 347514.00.If you take the same thing and do a 40 year mortgage your payment per month is $ 1650.00. You get to 10% paid off in year 12. You get to 20% paid off in year 19. The total interest you pay the bank is $ 492,307.20.For a 50 year mortgage your payment per month is $ 1580.00. You get 10% of the loan paid off in year 18 and 20% of the loan paid off in year 27. The total interest paid to the bank is $ 647526.00You can see that going longer is not the smarter thing to do. If you need to have a 40 or 50 year mortgage to afford your home then you need to look at a cheaper home.

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