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SVTPerformance's Chain of Restaurants
Road Side Pub
Finance Question
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<blockquote data-quote="RunninHorse" data-source="post: 16369471" data-attributes="member: 197475"><p>Are you sure about those interest calculations? I ran it through USAA's calculator. 348k mortage, 30 years, and assumes 3.25% fixed interest rate.</p><ul> <li data-xf-list-type="ul">0% down - $1,514 monthly payment - $545,227 total payments - $197,227 interest paid</li> <li data-xf-list-type="ul">20% down - $1,211 monthly payment - $436,179 total payments - $88,179 interest paid</li> </ul><p>The right thing to do really depends on you. If you're going to sell the house before it's paid off, then don't put a lot down. If putting 20% down exhausts your savings and/or emergency fund, then put less down.</p><p></p><p>In general it's better to pay down debt that will cost you more interest, than it is to invest/hold that money where it would earn you less interest.</p><p></p><p>We're planning to stay where we're at, so we chose to put 20% down and we're making extra monthly payments. We'll have our 30 year mortgage paid off in less than 15 years total and that's going to save us a lot of money on interest.</p><p></p><p>You're a veteran, so maybe see what USAA's financial advisers recommend. Don't take my advice. I think it's a good idea to dump a bunch of money into cars and sell them at a loss. lol</p></blockquote><p></p>
[QUOTE="RunninHorse, post: 16369471, member: 197475"] Are you sure about those interest calculations? I ran it through USAA's calculator. 348k mortage, 30 years, and assumes 3.25% fixed interest rate. [LIST] [*]0% down - $1,514 monthly payment - $545,227 total payments - $197,227 interest paid [*]20% down - $1,211 monthly payment - $436,179 total payments - $88,179 interest paid [/LIST] The right thing to do really depends on you. If you're going to sell the house before it's paid off, then don't put a lot down. If putting 20% down exhausts your savings and/or emergency fund, then put less down. In general it's better to pay down debt that will cost you more interest, than it is to invest/hold that money where it would earn you less interest. We're planning to stay where we're at, so we chose to put 20% down and we're making extra monthly payments. We'll have our 30 year mortgage paid off in less than 15 years total and that's going to save us a lot of money on interest. You're a veteran, so maybe see what USAA's financial advisers recommend. Don't take my advice. I think it's a good idea to dump a bunch of money into cars and sell them at a loss. lol [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Finance Question
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