No. of Recommendations: 0
I'm considering building a home.  While,
wealth wise, I might be better off
investing the extra money while renting,
there are emotional and psychological
reasons a home might be worth the
investment to me personally.  If you're
buying a home to retire in (not to sell),
then you might want to look at the numbers.

I crunched the numbers comparing a 15 year
mortgage to a 30 year mortgage, fixed rate.
The numbers are rounded off to the next
higher/lower dollar.  Total payment was
figured by multiplying 30 years x 12 months
x payment.  Here they are:

(15 YEAR FIXED RATE MORTGAGE at 7.75 percent)

Amount           $100,000    $150,000    $200,000
Mo. Payment           734       1,101       1,468
(                     941       1,412       1,883)
Total payments    264,153     396,234     528,311
(                 169,430     254,144     338,859)
Savings with 15
year mortgage      94,723     142,090     189,452

Just food for thought:)

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