Posted by Chuck (AZ) on January 23, 2002 at 18:33:24:
Here’s the numbers at 7% interest…
Loan Amount - $45,000 (home and land)
Term - 30 years
Start Date - Jan 2002
Your Monthly Payment will be - $299.39
Total Interest Paid over Life of Loan - $62,779.00
If this home has never been lived in, your saving about half the dealer’s cost of it. If it’s used (as I suspect it is from your description), then it’s a typical price. It’s the total pay-back that concerns me… as it will continue to depreciate in value.
Can you live with this?