I want to buy a house, can you please tell me if I’m right?
Im 18 and have a job at $9 a hour , (40 hours a week) ( i will get a raise in about 6 months)
Im going to save everything I make for one year. Each month the only money I can spend is 118$ on my credit card to try to get good credit and everything else will be in the bank. (I stay with my Grandma)
A home I want to buy will cost $64,900. The website the house was listed for sale on had a calculator automatically set.
The down payment was listed at $12,980. (Is that 20% of the home , or what percent is it?)
It is a 30 year fixed loan @ 6% interest. The monthly payment is $311.
1. Can I get that loan with 6 % interest ?
The total amount of money that i can spend on my credit card for that year is only $1400, everything else will be saved for the home.
2. I JUST GOT MY 1ST CREDIT CARD TODAY. Will i have a good credit score in time to get that loan with 6% interest and buy the house?
Im in Texas.
Is this Correct?
4. $311(monthly payment) multiplied by 12 (1 year) equals $3,732.
30 years (loan) mutliplied by $3,732 (1 year) equals $111,960.
$111,960 plus adding my $12,980 (down payment) equals $124,940.
So if i payed the house off in 30 years the TOTAL payment of everything i spent with the interest already added would be 124,940??
THANK YOU VERY MUCH!!!!!!!
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