Build Idaho | 2020 BOISE IDAHO REAL ESTATE BLOG
Cost of Waiting to Buy a Home in Idaho Main Idaho Real Estate Insights

Are you trying to time the market so that you pay less for a home? Here is a chart that tracks how much you will spend to wait and time the market and pay less for the home you want.

Cost of Waiting to get a Home Loan

  Loan Today Waiting 6 Months Waiting 1 Year Waiting 2 Years
Property Value $250,000 $255,526 (2.21%) $261,175 (4.47%) $272,850
Loan Amount $241,250 $246,583 $252,034 $263,300
Downpayment $8,750 $8943 $9141 $9550
Rate 4.375% 4.875% 4.875% 4.875%
APR % 4.88% 8.084% 8.077% 8.064%
Mortgage Insurance $171 $175 $179 $187
Total Cash to Close
with Points and Down Payment
$14,663 $14,909 $15,161 $15,683
Monthly Pricinple & Interest (Start) $1,205 $1,305 $1,334 $1,393
Annual Principle & Interest (Yr 1) $14,454 $15,659 $16,005 $16,721
Total Monthly Expenses (PITI) $1,620 $1,729 $1,765 $1,842
Total Annual Expenses (PITI) $19,442 $20,742 $21,185 $22,101
Cost of Waiting Analysis    
Compared to New Loan Today    
    Waiting 6 Months Waiting 1 Year Waiting 2 Years
Loss of Monthly Cash Flow   $108 $145 $222
Annual Loss in Cash Flow   $1300 $1,743 $2,659
         
Loss in Property Appreciation   $5,526 $11,175 $22,850
Amoritization Lost   $1,968 $3,979 $8,135
Total Cost of Waiting   $7,494 $15,154 $30,985

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Jill Cattano, Idaho Mortgage Loan Officer
Jill Cattano
NMLS#1609902
561.303.7751
[email protected]

PRMG BOIse Idaho

 
Posted by tlangford at 3/6/2019 5:42:00 AM
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Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

818.472.1767
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