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    Pumpkin Spiced Lattes or Buying a Home?

    Recently, this conversation was discussed among friends about how people will buy lattes, coffees, or other specialized drinks as part of their daily routines. Later, the conversation switched to purchasing a home and the amount of money needed for a down payment.

    Typically in Maryland, a down payment for a home range anywhere from 3.5% to 20% of the purchase price of the home’s sale amount. The down payment of a home also depends on the type of loan that bank pre-approves you for based on your income and credit. Many first time home buyers, select the lowest amount (3.5%) for a down payment as their funds are limited.

     

     

    Let’s take a closer look at that figure:

    Price of Home 3.5% Down Payment Size of Latte Daily Cost of Latte 5 Year Cost of Daily Latte
    $200,000 $7,500 Tall $4.25 $7,756.25
    $250,000 $8,750 Grande $4.95 $9,033.75
    $300,000 $10,500 Venti $5.25 $9,581.25

    Bottom Line:

    As you can see, the cost of those tempting lattes add up quickly. Just by changing that small spending habit each day, you can easily save up for a down payment on a home, very quickly! Imagine if you cut out eating out every week??? You could be purchasing a home even quicker!
    For more money savings tips, credit issues, or to discuss the home buying process; contact Team Caropreso today by visit our website: Excellence in Real Estate

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