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"Cost" of bad credit on a $300,000 30-year fixed mortgage (as of July 2024)State
Average Property Tax
2
Alabama0.48%
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Credit ScoreInterest RateMonthly PaymentTotal CostTotal Interest
% increase on home price
Alaska0.96%
4
Under 620 ----Arizona0.68%
5
620 to 6398.077%$2,217$798,271$498,27199.65%Arkansas0.67%
6
640 to 6597.531%$2,104$757,446$457,44691.49%California0.77%
7
660 to 6797.101%$2,016$725,867$425,86785.17%Colorado0.52%
8
680 to 6996.887%$1,973$710,349$410,34982.07%Connecticut2.00%
9
700 to 7596.710%$1,938$697,617$397,61779.52%Delaware0.56%
10
760 to 8506.488%$1,894$681,781$381,78176.36%My ConclusionDistrict of Columbia0.64%
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sourceFlorida1.05%
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You put in this much money over 30 years$460,719Georgia0.86%
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Total cost with good credit - $664,202
Total cost with poor credit - $779,555

Just your credit can save you a $115,352. Which is a 17.3% difference in the total cost of your home

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For a home that is (30 years from now) worth
$467,798Hawaii0.32%
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- you'll spend this much in interest$213,523Idaho1.02%
15
- you'll spend this much in tax, insurance, hoa and pmi$91,543Illinois2.13%
16
Indiana0.94%
17
If you sold after 30 years, you'd walk away with this pre-tax amount
$444,408Iowa1.43%
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Which, in today's dollars is$180,886(present dollars)Kansas1.47%
19
Rent alternativeKentucky0.74%
20
Home Value$150,000Avg Property TaxTennessee0.54%How Much Is Rent?$2,500If you rented & invested instead, your portfolio would be-$3,568,168Louisiana0.71%
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Down Payment10%HOA Fees$0Rent increase per year4%Which, in today's dollars is-$1,452,339(present dollars)Maine1.43%
22
Mortgage amount$135,000Home Insurance0.500%diff in rent/mortgage+fees-$1,290.34Maryland1.05%
23
Mortgage term in years30
Private mortgage insurance %
1%Want to invest the rest? ^YesAside from the original down payment investment, you contributed/pulled-$1,242,829
(this would be negative if the "difference" is less than $0. To cover the difference, we sell some of the investment to counter it)
Massachusetts1.21%
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Term in months360Monthly taxes and feesMichigan1.52%
25
Interest rate per year7.75%property tax$68Money saved if I dont buy$21,000
Based on the 4% rule, your investment can now pay you per month
-$4,841Minnesota1.06%
26
Closing Costs %4%hoa fees$0Stock Market Growth Rate8%
- whereas your home you still have taxes and insurance
Mississippi0.86%
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Closing Costs$6,000insurance$63Inflation3%Missouri1.11%
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Home increase / year4.00%pmi$113
Based on this, you'll have a home for life paying this much in taxes & fees
$130(present dollars)Montana0.80%
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Selling Costs %5%First Month Payment$1,097.16
Down payment not paid if pmi
$15,000
vs an investment porfolio paying you this much per month
-$4,841(present dollars)Nebraska1.50%
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(Ideally 25% of gross monthly income)Invest it? Nothe difference would be-$4,711(present dollars)
<- if this is more than rent, it's better to rent & invest
Nevada0.64%
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If I rented insteadNew Hampshire2.03%
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Mortgage Amortization ScheduleStarting Investment$21,000And therefore, it's better to buy. Unless you sell before Year 1If I invested the downpayment and closing costs instead and used the "payment" for rentNew Jersey2.31%
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(This is not factoring in tax deductions based on mortgage interest, rental income, moving costs (for renters), or repairs/maintenance on a home)
New Mexico0.97%
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moyDatePaymentPrincipalInterestTotal Principal Paid OffTotal Interest PaidMortgage Balance RemainingHome AppreciationTaxs & FeesMoney inHome Equity
Equity plus appreciation
Selling Feesvalue if soldPV of assetYearRentRent/Mortgage + Fees DifferenceInvestmentPV of assetDifference
difference closest to 0
New York1.88%
35
111/1/2024$967.16$95.28$871.88$95.28$1,218.75$134,904.72$150,000$243$22,210$15,095.28$15,095$7,500$7,595$7,576.34Year 1$2,500-$1,290.34$19,849.66$19,800.16$12,223.82Year 1$647.89North Carolina0.78%
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212/1/2024$967.16$95.90$871.26$191.18$2,090.01$134,808.82$150,000$243$23,419$15,191.18$15,191$7,500$7,691$7,652.87Year 1$2,500-$1,290.34$18,691.64$18,598.54$10,945.67Year 1North Dakota1.11%
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313/1/2024$967.16$96.52$870.64$287.69$2,960.65$134,712.31$150,000$243$24,629$15,287.69$15,288$7,500$7,788$7,729.58Year 1$2,500-$1,290.34$17,525.91$17,395.12$9,665.54Year 1Ohio1.68%
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414/1/2024$967.16$97.14$870.02$384.83$3,830.67$134,615.17$150,000$243$25,839$15,384.83$15,385$7,500$7,885$7,806.48Year 1$2,500-$1,290.34$16,352.41$16,189.90$8,383.42Year 1Oklahoma0.89%
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515/1/2024$967.16$97.77$869.39$482.60$4,700.06$134,517.40$150,000$243$27,048$15,482.60$15,483$7,500$7,983$7,883.56Year 1$2,500-$1,290.34$15,171.08$14,982.86$7,099.29Year 1Oregon1.02%
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616/1/2024$967.16$98.40$868.76$581.00$5,568.81$134,419.00$150,000$243$28,258$15,581.00$15,581$7,500$8,081$7,960.84Year 1$2,500-$1,290.34$13,981.88$13,773.97$5,813.13Year 1Pennsylvania1.89%
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717/1/2024$967.16$99.03$868.12$680.03$6,436.94$134,319.97$150,000$243$29,468$15,680.03$15,680$7,500$8,180$8,038.30Year 1$2,500-$1,290.34$12,784.75$12,563.23$4,524.93Year 1Rhode Island1.64%
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818/1/2024$967.16$99.67$867.48$779.71$7,304.42$134,220.29$150,000$243$30,677$15,779.71$15,780$7,500$8,280$8,115.96Year 1$2,500-$1,290.34$11,579.63$11,350.63$3,234.67Year 1South Carolina0.63%
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919/1/2024$967.16$100.32$866.84$880.02$8,171.26$134,119.98$150,000$243$31,887$15,880.02$15,880$7,500$8,380$8,193.81Year 1$2,500-$1,290.34$10,366.49$10,136.13$1,942.32Year 1South Dakota1.38%
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10110/1/2024$967.16$100.97$866.19$980.99$9,037.45$134,019.01$150,000$243$33,097$15,980.99$15,981$7,500$8,481$8,271.85Year 1$2,500-$1,290.34$9,145.25$8,919.74$647.89Year 1Tennessee0.54%
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11111/1/2024$967.16$101.62$865.54$1,082.61$9,902.99$133,917.39$150,000$243$34,306$16,082.61$16,083$7,500$8,583$8,350.09Year 1$2,500-$1,290.34$7,915.88$7,701.42-$648.66Year 1Texas2.06%
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12112/1/2024$967.16$102.27$864.88$1,184.88$10,767.87$133,815.12$150,000$243$35,516$16,184.88$16,185$7,500$8,685$8,428.52Year 1$2,500-$1,290.34$6,678.31$6,481.18-$1,947.34Year 1Utah0.65%
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1321/1/2025$967.16$102.93$864.22$1,287.81$11,632.10$133,712.19$156,000$248$36,731$16,287.81$22,288$7,800$14,488$14,025.10Year 2$2,600-$1,385.14$5,337.69$5,167.21-$8,857.89Year 2Vermont2.02%
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1422/1/2025$967.16$103.60$863.56$1,391.41$12,495.65$133,608.59$156,000$248$37,946$16,391.41$22,391$7,800$14,591$14,090.16Year 2$2,600-$1,385.14$3,988.13$3,851.13-$10,239.03Year 2Virginia0.99%
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1523/1/2025$967.16$104.27$862.89$1,495.68$13,358.54$133,504.32$156,000$248$39,160$16,495.68$22,496$7,800$14,696$14,155.46Year 2$2,600-$1,385.14$2,629.57$2,532.91-$11,622.55Year 2Washington0.88%
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1624/1/2025$967.16$104.94$862.22$1,600.62$14,220.76$133,399.38$156,000$248$40,375$16,600.62$22,601$7,800$14,801$14,220.99Year 2$2,600-$1,385.14$1,261.96$1,212.54-$13,008.45Year 2West Virginia0.57%
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1725/1/2025$967.16$105.62$861.54$1,706.24$15,082.30$133,293.76$156,000$248$41,590$16,706.24$22,706$7,800$14,906$14,286.76Year 2$2,600-$1,385.14-$114.77-$110.00-$14,396.76Year 2Wisconsin1.61%
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1826/1/2025$967.16$106.30$860.86$1,812.54$15,943.15$133,187.46$156,000$248$42,805$16,812.54$22,813$7,800$15,013$14,352.76Year 2$2,600-$1,385.14-$1,500.68-$1,434.73-$15,787.48Year 2Wyoming0.76%
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1927/1/2025$967.16$106.99$860.17$1,919.53$16,803.32$133,080.47$156,000$248$44,020$16,919.53$22,920$7,800$15,120$14,419.00Year 2$2,600-$1,385.14-$2,895.83-$2,761.65-$17,180.65Year 2
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2028/1/2025$967.16$107.68$859.48$2,027.21$17,662.80$132,972.79$156,000$248$45,235$17,027.21$23,027$7,800$15,227$14,485.47Year 2$2,600-$1,385.14-$4,300.28-$4,090.80-$18,576.28Year 2
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2129/1/2025$967.16$108.37$858.78$2,135.58$18,521.58$132,864.42$156,000$248$46,450$17,135.58$23,136$7,800$15,336$14,552.19Year 2$2,600-$1,385.14-$5,714.09-$5,422.19-$19,974.38Year 2
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22210/1/2025$967.16$109.07$858.08$2,244.65$19,379.66$132,755.35$156,000$248$47,664$17,244.65$23,245$7,800$15,445$14,619.14Year 2$2,600-$1,385.14-$7,137.33-$6,755.84-$21,374.98Year 2
57
23211/1/2025$967.16$109.78$857.38$2,354.43$20,237.04$132,645.57$156,000$248$48,879$17,354.43$23,354$7,800$15,554$14,686.33Year 2$2,600-$1,385.14-$8,570.05-$8,091.75-$22,778.09Year 2
58
24212/1/2025$967.16$110.49$856.67$2,464.92$21,093.71$132,535.08$156,000$248$50,094$17,464.92$23,465$7,800$15,665$14,753.77Year 2$2,600-$1,385.14-$10,012.33-$9,429.96-$24,183.73Year 2
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2531/1/2026$967.16$111.20$855.96$2,576.12$21,949.67$132,423.88$162,240$253$51,314$17,576.12$29,816$8,112$21,704$20,390.72Year 3$2,704-$1,483.74-$11,562.81-$10,863.10-$31,253.83Year 3
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2632/1/2026$967.16$111.92$855.24$2,688.04$22,804.91$132,311.96$162,240$253$52,535$17,688.04$29,928$8,112$21,816$20,444.76Year 3$2,704-$1,483.74-$13,123.63-$12,298.73-$32,743.49Year 3
61
2733/1/2026$967.16$112.64$854.51$2,800.68$23,659.42$132,199.32$162,240$253$53,755$17,800.68$30,041$8,112$21,929$20,499.07Year 3$2,704-$1,483.74-$14,694.86-$13,736.85-$34,235.92Year 3
62
2834/1/2026$967.16$113.37$853.79$2,914.05$24,513.21$132,085.95$162,240$253$54,975$17,914.05$30,154$8,112$22,042$20,553.67Year 3$2,704-$1,483.74-$16,276.56-$15,177.49-$35,731.16Year 3
63
2935/1/2026$967.16$114.10$853.06$3,028.15$25,366.26$131,971.85$162,240$253$56,195$18,028.15$30,268$8,112$22,156$20,608.54Year 3$2,704-$1,483.74-$17,868.81-$16,620.67-$37,229.21Year 3
64
3036/1/2026$967.16$114.84$852.32$3,142.99$26,218.58$131,857.01$162,240$253$57,416$18,142.99$30,383$8,112$22,271$20,663.70Year 3$2,704-$1,483.74-$19,471.67-$18,066.40-$38,730.10Year 3
65
3137/1/2026$967.16$115.58$851.58$3,258.57$27,070.16$131,741.43$162,240$253$58,636$18,258.57$30,499$8,112$22,387$20,719.14Year 3$2,704-$1,483.74-$21,085.21-$19,514.71-$40,233.86Year 3
66
3238/1/2026$967.16$116.33$850.83$3,374.90$27,920.99$131,625.10$162,240$253$59,856$18,374.90$30,615$8,112$22,503$20,774.87Year 3$2,704-$1,483.74-$22,709.52-$20,965.62-$41,740.49Year 3
67
3339/1/2026$967.16$117.08$850.08$3,491.97$28,771.07$131,508.03$162,240$253$61,077$18,491.97$30,732$8,112$22,620$20,830.88Year 3$2,704-$1,483.74-$24,344.65-$22,419.14-$43,250.02Year 3
68
34310/1/2026$967.16$117.83$849.32$3,609.81$29,620.39$131,390.19$162,240$253$62,297$18,609.81$30,850$8,112$22,738$20,887.17Year 3$2,704-$1,483.74-$25,990.68-$23,875.29-$44,762.47Year 3
69
35311/1/2026$967.16$118.59$848.56$3,728.40$30,468.95$131,271.60$162,240$253$63,517$18,728.40$30,968$8,112$22,856$20,943.75Year 3$2,704-$1,483.74-$27,647.69-$25,334.10-$46,277.86Year 3
70
36312/1/2026$967.16$119.36$847.80$3,847.76$31,316.75$131,152.24$162,240$253$64,737$18,847.76$31,088$8,112$22,976$21,000.63Year 3$2,704-$1,483.74-$29,315.74-$26,795.58-$47,796.21Year 3
71
3741/1/2027$967.16$120.13$847.02$3,967.90$32,163.77$131,032.10$168,730$146$65,851$18,967.90$37,697$8,436$29,261$26,678.86Year 4$2,812-$1,698.77-$31,209.95-$28,455.81-$55,134.68Year 4
72
3842/1/2027$967.16$120.91$846.25$4,088.80$33,010.02$130,911.20$168,730$146$66,964$19,088.80$37,818$8,436$29,382$26,722.29Year 4$2,812-$1,698.77-$33,116.79-$30,119.08-$56,841.38Year 4
73
3943/1/2027$967.16$121.69$845.47$4,210.49$33,855.49$130,789.51$168,730$146$68,077$19,210.49$37,940$8,436$29,504$26,766.05Year 4$2,812-$1,698.77-$35,036.34-$31,785.41-$58,551.47Year 4
74
4044/1/2027$967.16$122.47$844.68$4,332.97$34,700.17$130,667.03$168,730$146$69,191$19,332.97$38,063$8,436$29,626$26,810.14Year 4$2,812-$1,698.77-$36,968.69-$33,454.83-$60,264.96Year 4
75
4145/1/2027$967.16$123.27$843.89$4,456.23$35,544.06$130,543.77$168,730$146$70,304$19,456.23$38,186$8,436$29,749$26,854.55Year 4$2,812-$1,698.77-$38,913.92-$35,127.34-$61,981.89Year 4
76
4246/1/2027$967.16$124.06$843.10$4,580.29$36,387.16$130,419.71$168,730$146$71,418$19,580.29$38,310$8,436$29,873$26,899.29Year 4$2,812-$1,698.77-$40,872.11-$36,802.99-$63,702.28Year 4
77
4347/1/2027$967.16$124.86$842.29$4,705.16$37,229.45$130,294.84$168,730$146$72,531$19,705.16$38,435$8,436$29,998$26,944.36Year 4$2,812-$1,698.77-$42,843.37-$38,481.78-$65,426.14Year 4
78
4448/1/2027$967.16$125.67$841.49$4,830.82$38,070.94$130,169.18$168,730$146$73,644$19,830.82$38,560$8,436$30,124$26,989.76Year 4$2,812-$1,698.77-$44,827.76-$40,163.75-$67,153.51Year 4
79
4549/1/2027$967.16$126.48$840.68$4,957.30$38,911.61$130,042.70$168,730$146$74,758$19,957.30$38,687$8,436$30,250$27,035.49Year 4$2,812-$1,698.77-$46,825.38-$41,848.91-$68,884.41Year 4
80
46410/1/2027$967.16$127.30$839.86$5,084.60$39,751.47$129,915.40$168,730$146$75,871$20,084.60$38,814$8,436$30,378$27,081.56Year 4$2,812-$1,698.77-$48,836.32-$43,537.29-$70,618.85Year 4
81
47411/1/2027$967.16$128.12$839.04$5,212.72$40,590.51$129,787.28$168,730$146$76,985$20,212.72$38,942$8,436$30,506$27,127.96Year 4$2,812-$1,698.77-$50,860.67-$45,228.91-$72,356.87Year 4
82
48412/1/2027$967.16$128.95$838.21$5,341.67$41,428.72$129,658.33$168,730$146$78,098$20,341.67$39,071$8,436$30,635$27,174.69Year 4$2,812-$1,698.77-$52,898.51-$46,923.80-$74,098.49Year 4
83
4951/1/2028$967.16$129.78$837.38$5,471.45$42,266.10$129,528.55$175,479$152$79,217$20,471.45$45,950$8,774$37,176$32,895.11Year 5$2,925-$1,805.41-$55,056.58-$48,716.32-$81,611.44Year 5
84
5052/1/2028$967.16$130.62$836.54$5,602.07$43,102.63$129,397.93$175,479$152$80,336$20,602.07$46,081$8,774$37,307$32,928.37Year 5$2,925-$1,805.41-$57,229.03-$50,512.32-$83,440.69Year 5
85
5153/1/2028$967.16$131.46$835.69$5,733.53$43,938.33$129,266.47$175,479$152$81,456$20,733.53$46,212$8,774$37,438$32,962.00Year 5$2,925-$1,805.41-$59,415.96-$52,311.80-$85,273.80Year 5
86
5254/1/2028$967.16$132.31$834.85$5,865.84$44,773.18$129,134.16$175,479$152$82,575$20,865.84$46,345$8,774$37,571$32,996.00Year 5$2,925-$1,805.41-$61,617.48-$54,114.80-$87,110.80Year 5
87
5355/1/2028$967.16$133.17$833.99$5,999.00$45,607.17$129,001.00$175,479$152$83,694$20,999.00$46,478$8,774$37,704$33,030.37Year 5$2,925-$1,805.41-$63,833.67-$55,921.34-$88,951.72Year 5
88
5456/1/2028$967.16$134.03$833.13$6,133.03$46,440.30$128,866.97$175,479$152$84,813$21,133.03$46,612$8,774$37,838$33,065.12Year 5$2,925-$1,805.41-$66,064.64-$57,731.45-$90,796.57Year 5
89
5557/1/2028$967.16$134.89$832.27$6,267.92$47,272.56$128,732.08$175,479$152$85,933$21,267.92$46,747$8,774$37,973$33,100.25Year 5$2,925-$1,805.41-$68,310.47-$59,545.14-$92,645.39Year 5
90
5658/1/2028$967.16$135.76$831.39$6,403.68$48,103.96$128,596.32$175,479$152$87,052$21,403.68$46,882$8,774$38,109$33,135.75Year 5$2,925-$1,805.41-$70,571.29-$61,362.45-$94,498.20Year 5
91
5759/1/2028$967.16$136.64$830.52$6,540.32$48,934.48$128,459.68$175,479$152$88,171$21,540.32$47,019$8,774$38,245$33,171.63Year 5$2,925-$1,805.41-$72,847.17-$63,183.39-$96,355.02Year 5
92
58510/1/2028$967.16$137.52$829.64$6,677.84$49,764.11$128,322.16$175,479$152$89,290$21,677.84$47,157$8,774$38,383$33,207.89Year 5$2,925-$1,805.41-$75,138.23-$65,008.00-$98,215.89Year 5
93
59511/1/2028$967.16$138.41$828.75$6,816.25$50,592.86$128,183.75$175,479$152$90,410$21,816.25$47,295$8,774$38,521$33,244.52Year 5$2,925-$1,805.41-$77,444.56-$66,836.30-$100,080.82Year 5
94
60512/1/2028$967.16$139.30$827.85$6,955.55$51,420.71$128,044.45$175,479$152$91,529$21,955.55$47,434$8,774$38,660$33,281.54Year 5$2,925-$1,805.41-$79,766.26-$68,668.31-$101,949.85Year 5
95
6161/1/2029$967.16$140.20$826.95$7,095.76$52,247.67$127,904.24$182,498$158$92,654$22,095.76$54,594$9,125$45,469$39,045.07Year 6$3,042-$1,916.31-$82,214.35-$70,599.29-$109,644.36Year 6
96
6262/1/2029$967.16$141.11$826.05$7,236.86$53,073.72$127,763.14$182,498$158$93,779$22,236.86$54,735$9,125$45,610$39,068.57Year 6$3,042-$1,916.31-$84,678.75-$72,534.20-$111,602.77Year 6
97
6363/1/2029$967.16$142.02$825.14$7,378.88$53,898.85$127,621.12$182,498$158$94,905$22,378.88$54,877$9,125$45,752$39,092.49Year 6$3,042-$1,916.31-$87,159.59-$74,473.05-$113,565.54Year 6
98
6464/1/2029$967.16$142.94$824.22$7,521.82$54,723.07$127,478.18$182,498$158$96,030$22,521.82$55,020$9,125$45,895$39,116.83Year 6$3,042-$1,916.31-$89,656.96-$76,415.88-$115,532.71Year 6
99
6565/1/2029$967.16$143.86$823.30$7,665.68$55,546.37$127,334.32$182,498$158$97,155$22,665.68$55,164$9,125$46,039$39,141.59Year 6$3,042-$1,916.31-$92,170.99-$78,362.71-$117,504.30Year 6
100
6666/1/2029$967.16$144.79$822.37$7,810.47$56,368.74$127,189.53$182,498$158$98,281$22,810.47$55,308$9,125$46,184$39,166.77Year 6$3,042-$1,916.31-$94,701.77-$80,313.57-$119,480.34Year 6