10 Money-Saving Myths

Good sharing, Web730!

The number 1 was very true, my house only cost me $74,000, but my tax are $1,600 a year which if I live here for 70 years, then it would cost me much more than I paid for the house, and even continue raising! :Ohno:
 
PuyoPiyo said:
Good sharing, Web730!

The number 1 was very true, my house only cost me $74,000, but my tax are $1,600 a year which if I live here for 70 years, then it would cost me much more than I paid for the house, and even continue raising! :Ohno:
Click to expand...

Do a reverse math. Your monthly payment then calculate how much money you spend in 30 years. See what your true cost.
 
Deaf Mortgage said:
Do a reverse math. Your monthly payment then calculate how much money you spend in 30 years. See what your true cost.
Click to expand...

Okay let me see,

$389 monthly payment times 360 months equal to $140,040, then adding $1,600 for the property tax times 30 years equal to $48,000 so thus the total would be $188040. That's nearly triple more than how much I paid for my house in 30 years. I am actually paying much more than what I purachse the property.
 
PuyoPiyo said:
Okay let me see,

$389 monthly payment times 360 months equal to $140,040, then adding $1,600 for the property tax times 30 years equal to $48,000 so thus the total would be $188040. That's nearly triple more than how much I paid for my house in 30 years. I am actually paying much more than what I purachse the property.
Click to expand...

Now you see what you are paying for. Its expensive to own a home. A lot expenses going every where.

Interest is what hurts a lot people budget. In lifetime, you spend little more interest than the house worth. Yet if the house increase average 6% a year, you will end up profit very little.

Keep that in mind. Sometime it wise to buy cheaper home to maintain easier budget than buy expensive home.
 
Back
Top