Construction Worker House Hunter
Scenario 1 Rob Nickel
The house is a $185,000 condo, big enough for him to settle down and start a family in but not too expensive that he'll drown in payments. With the 4.75% interest rate, he'll have to pay $965.05 a month.
Paying 15% more than the minimum ($1109) would shorten the loan by 7.25 years and save him $222,419!