Balancing luxury with long-term financial security.
The Johnsons, earning $450,000 annually and possessing $2.1 million in retirement savings, are considering purchasing a $1.2 million home. With three children aged 8-15, they face the dual challenge of saving for both college and retirement. They need to determine if this purchase is feasible without jeopardizing their long-term financial goals, considering property taxes, insurance, and potential college expenses.
Using the Home Loan Calculator, we can determine that, with a 20% down payment ($240,000) and a 30-year fixed mortgage at 6.5%, their monthly mortgage payment (excluding property taxes and insurance) would be approximately $6,056. Integrating the PITI Calculator, we can estimate their total monthly housing costs including taxes and insurance at around $8,500. This analysis, combined with their current expenses, reveals whether this mortgage payment aligns with their cash flow and retirement contributions. This allows the Johnsons to make an informed decision.
The Home Loan Calculator requires inputs such as home price, down payment, interest rate, and loan term to generate an amortization schedule. The PITI calculator will be combined to show a more accurate monthly payment for the Johnsons.
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