mary garry
Registered User
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- 5
Myself and my partner are mortgage approved for 320,000.
We are considering buying a forever home (325,000) putting and extra 5 grand down ourselves. Will need 42 grand deposit for and hoping to borrow 278. Cost of interest would be 182,000 and 1270 per month in mortgage repayments for 30 year mortgage.
Other option would be to buy a house for 170,000. Pay off 900 per month over 20 years and save 400 per month. Reckon that in 5 years we would have 24,000 saved in addition to what we would have paid off mortgage, and we would hope that the price would have increased in value. At this stage we would hope to trade up to a forever home current market value of 350,000 type houses currently for sale.
In a complete fizz! If anyone has any insight into the best way to approach this i would really appreciate it. We are so confused!
We are considering buying a forever home (325,000) putting and extra 5 grand down ourselves. Will need 42 grand deposit for and hoping to borrow 278. Cost of interest would be 182,000 and 1270 per month in mortgage repayments for 30 year mortgage.
Other option would be to buy a house for 170,000. Pay off 900 per month over 20 years and save 400 per month. Reckon that in 5 years we would have 24,000 saved in addition to what we would have paid off mortgage, and we would hope that the price would have increased in value. At this stage we would hope to trade up to a forever home current market value of 350,000 type houses currently for sale.
In a complete fizz! If anyone has any insight into the best way to approach this i would really appreciate it. We are so confused!