buying now builds wealth faster than renting: The Tale Of Two Bobs And The Cost Of Waiting To Buy A House
- 05/19/21 11:15 AM
This is the tale of two Bobs, and their pathway to wealth. Bob A and Bob B were in the market for a $600,000 house.
Bob A's goal was to save enough money for a 20% down payment to avoid Private Mortgage Insurance (PMI) and get a low interest rate on his loan. 20% of $600,000 is $120,000. Bob and his wife, Betty set an automatic transfer of $2,000 per month from their checking account to their savings account to accumulate funds for their down payment. It would take 5 years to accumulate 20% of a $600,000 house. That's five years … (0 comments)
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This is the tale of two Bobs, and their pathway to wealth. Bob A and Bob B were in the market for a $600,000 house. 
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